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Furniture tycoon Gary Friedman received $ 24 million for a half-built mansion in Beverly Cress

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Gary Friedman, CEO of high-end RH furniture, has just quietly sold his half-built house in Beverly Cress for $ 24 million.

The out-of-market deal underscores the rapid rise in the value of land in Los Angeles ’affluent pockets after the pandemic. Records show that Friedman bought the property in a semi-finished condition for $ 15 million in 2019, so the sale brings in a profit of $ 9 million.

Even in an uninhabitable state it is not surprising that property has brought such a state. It is at the end of a dead end and occupies 2.8 hectares – a rare amount of land for the neighborhood.

For reference, of the 105 properties currently on the market in Beverly Cress, only 15 include more than two acres. Of these, 14 are worth more than $ 20 million.

The house was originally built in 2013 by Marmol Radziner, an architectural firm from Los Angeles known for its modern designs and restoration work, including the restoration of Richard Neutra in the Kaufman Desert in Palm Springs in 2007.

The mansion occupies four floors and offers views from downtown Los Angeles to the ocean. Its sleek sharp appearance is still intact, but the living quarters have been hollowed out and boarded up. It was advertised either as a dismantling project or a reconstruction project.

Friedman is the CEO and Chairman of RH, formerly known as Restoration Hardware. The California company had profits of $ 3.76 billion last year, and Forbes estimates Friedman’s capital at $ 2.2 billion.

Weston Littlefield and Alex Howe of Aaron Kirman’s Compass Group conducted a listing. Littlefield also represented the buyer.

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