Beverly Hills stays hot, state legislature on relief for condo market and more

A 10,000+ square-foot Mediterranean-style estate at 703 North Arden Drive sold May 27 for $24 million ($2,345 per square foot) after weeks on market. The five-bedroom, 12-bath home was listed in late April for $25 million, with Westside Estate Agency’s Kurt Rappoport representing both seller and buyer. Measure ULA would impose 4% on deals starting at $5.3 million and 5.5% on sales at $10.6 million or more, totaling about $1.2 million for this transaction if Beverly Hills were under Los Angeles jurisdiction. The sellers were Kevin Wall and Sue Smalley of PTK Global, and the property includes a chef’s kitchen, paneled library, theater, gym, guest house, pool, and staff suite on a ~23,000-square-foot lot. Another Beverly Hills Mediterranean estate at 1017 North Roxbury Drive listed near $25 million, owned by Les Bider and wife Lynn Bider, with a Hollywood ownership history including Michael Curtiz and Bess Meredyth, and Jeanne Crain and Paul Brinkman.

"Measure ULA applies to the City of Los Angeles, and puts a 4 percent tax on real estate deals starting at $5.3 million. It goes up to 5.5 percent on sales of $10.6 million or more."

Read at therealdeal.com