In 2022, Southern California real estate once again lived up to its reputation as one of the weirdest, wildest and most spectacular markets in the country.
While the lower end of the market cooled as interest rates forced buyers and sellers to rethink their strategies, the luxury market continued with significantly higher sales than last year.
Celebrities, tech moguls and CEOs spent fortunes on their dream homes. Battles were fought over the profits of the mega-mansions. Here are the best sales of the year.
58 million dollars
Sylvester Stallone started by selling his 21,000-square-foot mega-mansion in Beverly Park for $58 million, a blockbuster deal but not a knockout for the “Rocky” star, who originally wanted 110 million dollars for the trophy house. .
The high-profile sale included a high-profile buyer: pop star Adele. He joins a group of stars from the wealthy enclave, including Denzel Washington, Magic Johnson and Mark Wahlberg.
70 million dollars
Michael Rubin, the CEO of sports e-commerce company Fanatics, set a historic record in the Hollywood Hills when he shelled out $70 million for a property once owned by Ronald Reagan.
The sale redefined what a home could fetch in the Hollywood Hills, which has historically seen sales top $30 million. The surprising price was due to the rare dimensions and scale of the estate. Rebuilt, it sits on three-quarters of an acre above the Sunset Strip with unobstructed views of the city.
Records show the seller was Francesco Aquilini, a Canadian businessman best known as the president of the Vancouver Canucks hockey team. A regular real estate headliner, he set the neighborhood’s previous price record when he sold a one-of-a-kind mansion for $42.5 million in 2020.
70.4 million dollars
Kim Kardashian also got in on the action and bought another home in Southern California. The reality star owns properties in Hidden Hills and Calabasas, but this time he’s snagged one in Malibu, spending $70.4 million on a hilltop mansion formerly owned by Cindy Crawford and Rande Gerber.
Set on more than 3 acres with ocean views, the waterfront estate centers around a 7,450-square-foot villa surrounded by a pool, tennis court and meditation deck.
It was sold by hedge fund manager Adam Weiss and “Yellowstone” actress Barret Swatek, who originally asked $99.5 million for the place.
75 million dollars
For months, rumors swirled about where Drake, perhaps the biggest hip-hop star in the world, would buy a home. The rapper scoured the best estates in Southern California, but eventually settled for something off the market, quietly paying $75 million for a Beverly Crest mansion owned by music star Robbie Williams.
Drake’s new place is comically large, at more than 20,000 square feet on more than 20 acres, a rarity for the area. Into this 20,000 square feet, it manages to squeeze in 10 bedrooms and 22 impressive bathrooms, as well as an elevator, wine cellar, gym, game room and 11-car garage.
91 million dollars
Malibu’s massive year continued thanks to video game designer Jon Burton, who sold his 6.6-acre Paradise Cove estate for $91 million, a nice improvement on the $36.5 million he paid in 2012, but a little less than $125. millions that he initially wanted.
The price jump is largely due to a revamp Burton gave the site during its decade-long stay. Listing photos show he remodeled the living spaces with rich woods and large windows, as well as amenities like a movie theater, tennis court, pool and miniature golf course.
The highlight comes out back, where the 17,000-square-foot mansion steps down to 340 feet of beach frontage.
100 million dollars
Only three sales topped the $100 million mark this year, and one of them belonged to Tamara Gustavson, daughter of late Public Storage founder B. Wayne Hughes. She wanted $127.5 million for her sprawling compound in a Malibu bluff and sold it for $100 million.
The buyer, according to records, is Byron Allen, the billionaire media mogul who founded Entertainment Studios.
The impressive spread has the usual laundry list of amenities, but adds a few custom spaces, including a wood-and-glass guest house equipped with a gym and yoga studio.
The profits are a drop in the bucket for Gustavson, who has a net worth of $7.59 billion, according to Bloomberg.
120 million dollars
Snapchat CEO Evan Spiegel finally closed his Holmby Hills deal, spending $120 million on a property across the street from the Playboy Mansion. The sales process began last year, but was unable to close until the summer because the house was not yet finished.
With the move, Spiegel joins one of the country’s most stylish pockets. The Playboy Mansion is the neighborhood’s most famous estate, but the area is also home to iconic homes like Owlwood and the Manor, which set the LA County record price when it changed hands for $119.75 million. dollars in 2019.
141 million dollars
What else can be said about “The One”? When the country’s largest modern house was auctioned for $141 million to the founder of Fashion Nova, it ended a years-long saga of ambition and greed, a battle that has been documented time and time again, but which is still hard to believe.
Once touted as a $500 million home, then listed as a $295 million home, then sold at foreclosure auction as a $141 million home, the still-unfinished megamansion arrives as a hit and an absolute success. disappointment It ranks as the biggest sale of the year and one of the most expensive home sales ever in California, but it couldn’t come close to its original price and leaves the buyer with millions more to spend to finish the place.
In many ways, The One is the perfect encapsulation of Southern California’s luxury market, where developers chase ever-larger price tags for ever-larger homes until, often, it all explodes into a spectacular display for to everyone.