Alex Khadavi’s roughly 21,000-square-foot Bel-Air spec mansion failed to reach its $50 million reserve price.
Celebrity botox doctor Alex Khadavi told The Wall Street Journal in April that his Bel-Air spec house would sell in excess of its $50 million reserve price at auction.
“I have a nice buffer over here. I’m not going negative like the people at The One,” he said in April. “Everybody’s going to get paid.”
But when the auction closed Monday, the highest bid was only $45.76 million, failing to meet the minimum threshold set by bankruptcy courts after Dr. Khadavi filed for bankruptcy protection in 2021. The offer will be submitted to the court for approval, and back-up bids may be submitted as well, said Aaron Kirman of Compass, who had the listing with Mauricio Umansky of The Agency.
“After a spirited auction, the bidding is closed and the high bid is in the hands of the Trustee. With over 87 qualified showings in the last 60 days, we are confident market value was delivered,” said Chad Roffers, president of Concierge Auctions.
“After 87 showings, we had two prospective buyers compete,” said Mr. Kirman. “We look forward to the trustee’s decision to move forward with this sale.”
The roughly 21,000-square-foot, seven-bedroom home was listed for $87.777 million in May 2021. They received several offers that fell through before it was scheduled for auction with Concierge Auctions, Dr. Khadavi told the Journal last.
Celebrity botox doctor Alex Khadavi told The Wall Street Journal in April that his Bel-Air spec house would sell in excess of its $50 million reserve price at auction.
“I have a nice buffer over here. I’m not going negative like the people at The One,” he said in April. “Everybody’s going to get paid.”
But when the auction closed Monday, the highest bid was only $45.76 million, failing to meet the minimum threshold set by bankruptcy courts after Dr. Khadavi filed for bankruptcy protection in 2021. The offer will be submitted to the court for approval, and back-up bids may be submitted as well, said Aaron Kirman of Compass, who had the listing with Mauricio Umansky of The Agency.
“After a spirited auction, the bidding is closed and the high bid is in the hands of the Trustee. With over 87 qualified showings in the last 60 days, we are confident market value was delivered,” said Chad Roffers, president of Concierge Auctions.
“After 87 showings, we had two prospective buyers compete,” said Mr. Kirman. “We look forward to the trustee’s decision to move forward with this sale.”
The roughly 21,000-square-foot, seven-bedroom home was listed for $87.777 million in May 2021. They received several offers that fell through before it was scheduled for auction with Concierge Auctions, Dr. Khadavi told the Journal last.
Finished with Calacatta extra-gold marble and 24-karat gold-dust wood stain, the home has a movie theater, a car museum, a massage room, a Champagne-tasting room, a DJ booth, a tequila bar, and an NFT art gallery. The roughly 1.16-acre grounds include a pool with music-synchronized jets, a digital projector for laser shows, and 360-degree views of the San Gabriel Mountains and the Channel Islands.
Construction cost about $30 million, three times Dr. Khadavi’s original budget after he first purchased the lot for $16 million in 2013. Covid-related disruptions and unforeseen costs added to the budget, he told the Journal in April. Dr. Khadavi, who has dermatology practices in Encino and Thousand Oaks, originally planned to build the house for himself but decided to sell it when he realized it would be too expensive to maintain. Dr. Khadavi is one of several cosmetics professionals who have developed luxury homes in Los Angeles in recent years. He is also one of several developers who have seen major L.A. spec projects go to auction.
Dr. Khadavi’s largest creditors include Axos Bank, a subsidiary of Axos Financial Inc., which lent around $27 million for the construction of the house, records show.
Dr. Khadavi didn’t respond to requests for comment.
Construction cost about $30 million, three times Dr. Khadavi’s original budget after he first purchased the lot for $16 million in 2013. Covid-related disruptions and unforeseen costs added to the budget, he told the Journal in April. Dr. Khadavi, who has dermatology practices in Encino and Thousand Oaks, originally planned to build the house for himself but decided to sell it when he realized it would be too expensive to maintain. Dr. Khadavi is one of several cosmetics professionals who have developed luxury homes in Los Angeles in recent years. He is also one of several developers who have seen major L.A. spec projects go to auction.
Dr. Khadavi’s largest creditors include Axos Bank, a subsidiary of Axos Financial Inc., which lent around $27 million for the construction of the house, records show.
Dr. Khadavi didn’t respond to requests for comment.
Corrections & Amplifications
The highest bid in an auction for a Bel-Air spec house built by Alex Khadavi was $45.76 million. An earlier version of this article incorrectly gave the figure as $46.76 million. (Corrected on May 11.)
Write to Sarah Paynter at [email protected]
Appeared in the May 13, 2022, print edition as 'Once Asking $87.777 Million, a Mansion Fails to Meet Its Reserve Price at Auction.'
Write to Sarah Paynter at [email protected]
Appeared in the May 13, 2022, print edition as 'Once Asking $87.777 Million, a Mansion Fails to Meet Its Reserve Price at Auction.'