Jeremy Piven and his Malibu and Tribeca homes, and Alexandra Dwek and the home on Bellagio Road (Credit: Getty Images, Zillow, and StreetEasy)

Aside from one pricey trade in the upscale Bel Air, this week proved to be a relatively slow week in the effervescent celebrity real estate market in Los Angeles. Actors also looked for trades in other parts of the country, such as Northern California and New York.

Philanthropist Alexandra Dwek sold her Georgian-style mansion in Bel Air for $40 million to H. Ross Perot Jr., the billionaire son of businessman and former presidential candidate Ross Perot. The Bellagio Road property which sits on 1.4 acres, is home to a 7,000-square-foot house with six bedrooms and seven bathrooms. Property records say it was built in 1942 and significantly renovated in 1980. The property last sold in 2011 for $16.6 million. Dwek is the founder of Friends With Causes, a network of philanthropists that hosts dinners and other events to organize donations to various causes.

After perching $2.2 million for a Laurel Canyon home in 2017, Jeremy Piven is looking to shed some of his pricier real estate holdings. The actor listed a duplex in Manhattan just a few days after selling 4,400-square-foot pad in Malibu. The oceanfront home sold for $6.6 million, nearly 40 percent less than its original asking price of $10.5 million. It includes four bedrooms and four bathrooms across three stories. In New York, the former “Entourage” star is selling a Tribeca penthouse for $7.7 million.

Also in Malibu, “Brady Bunch” star Barry Williams listed his house on the market for sale for $6.4 million. The Malibu Cove Colony, which features three bedrooms and four bathrooms, spans 2,800 square feet. It also includes expansive views of the Pacific, the Los Angeles Times reported. In addition to the hit sitcom, Williams starred in “The Brady Bunch Variety Hour,” “The Brady Girls Get Married” and “A Very Brady Christmas.”

Hollywood star Robert Redford sold his house in the wine country three months after listing it. The country house sold for $7 million, about half a million less than he and his wife, artist Sibylle Szaggars, originally asked for. Sitting atop a 10-acre spread in St. Helena, the 5,300-square-foot property includes a European style country house with a detached artist studio, workshop, outdoor patios, swimming pool and redwood hot tub. Redford is best known for “Butch Cassidy and the Sundance Kid,” “All the President’s Men,” and “The Natural.”

Singer Joe Jonas is looking to sell his farmhouse home in Sherman Oaks. The Jonas Brothers star is seeking $3.7 million for the pad — the same price he bought it for three years ago. Located on Ventura Boulevard, the 5,600-square-foot two-story home includes five bedrooms, six bathrooms, a movie theater and swimming pool, the Los Angeles Times reported.

Ocwen’s Glenn Messina (Credit: iStock)

A subsidiary of Ocwen agreed to pay a $750,000 fine to the Justice Department in order to settle allegations that it illegally foreclosed on the homes of service members of the U.S. military.

The federal agency alleges PHH Mortgage Corporation, a mortgage servicer that was acquired by West Palm Beach-based Ocwen last year, violated the Servicemembers Civil Relief Act (SCRA) by foreclosing on the homes of six service members without obtaining the required court orders, according to a Justice Department release.

The Justice Department launched an investigation along with its Civil Rights Division and the U.S. Attorney’s Office for the District of New Jersey after it received a complaint in May 2016. The investigation revealed that PHH Mortgage foreclosed on six homes of service members between 2010 and 2012. It’s illegal to foreclose on active military members homes during their service and one year afterward without a court order.

PHH Mortgage and Ocwen have faced other allegations of improper foreclosures or mishandling of mortgage payments.

Ocwen acquired PHH Mortgage in October for $360 million, after its third quarter ended on Sept. 30.

Ocwen once had a market capitalization of more than $6 billion and made a fortune servicing subprime mortgages from banks after the financial crisis. U.S. Commerce Secretary Wilbur Ross was a member of its board of directors, and its founder Bill Erbey’s net worth was valued at $2.8 billion in 2013, according to Forbes.

In the last few years, however, the company has faced numerous financial and legal challenges. Regulators alleged that Ocwen mishandled consumers’ mortgage payments and illegally foreclosed on homes. In 2013, Ocwen reached a $2.1 billion settlement with the federal government and 49 states to address allegations of mortgage servicing misconduct.

Trump International Hotel and Tower at 401 North Wabash Avenue and handcuffs (Credit: Wikipedia and iStock)

A Hinsdale accountant — code name “Combover” — stole millions of dollars from a wealthy Chicago family and used the money for a luxurious lifestyle that included buying three condos in the Trump International Hotel & Tower.

Those are the allegations prosecutors levied against Sultan Issa, who they say stole $55 million from his former clients. Issa served for years as the personal accountant to the family of Roger Weston of Winnetka, who sold GreatBanc to Charter One in 2006 for $180 million.

Issa, who is charged with one count of wire fraud, bought the Trump Tower units through LLCs using the name “Combover,” an apparent knock on President Trump’s hair, according to the Chicago Tribune, which first reported on the charges. Cook County property records show the Combover LLCs purchased units on the 35th, 64th and 79th floors, along with a parking space.

In addition to the stolen millions, prosecutors say Issa used fraudulent documents to secure at least $83 million in loans for himself, sometimes using Weston family property as collateral. He also stole $8.8 million from other investors by claiming he would invest it in ventures including a high-end auto dealership he owned in Burr Ridge, according to the charges.

Issa used the money buy 25 residential properties in Illinois, Montana, Michigan, and Cabo San Lucas, Mexico, along with two private jets, four yachts, about 60 guns as well as watches and jewelry, prosecutors said. [Chicago Tribune] — John O’Brien

Dominion Capital founder Mikhail Gurevich and 510 West 42nd Street (Credit: Google Maps) 

One of the partners at Manhattan’s Playboy Club is angling for a better peek at the venture’s books.

The Bunny-themed restaurant and the hotel it’s housed in are embroiled in a lawsuit filed by their minority investor, who wants information about the property’s finances.

Mikhail Gurevich’s Dominion Capital filed the complaint against Merchants Hospitality Inc. Wednesday in New York County Supreme Court, claiming it has been shut out of major financial and management decisions.

Merchants is the majority owner and managing partner, having contributed $13.6 million $8.6 million for 63 percent of the venture, according to the complaint.

But Dominion claims that despite being the minority partner, its operating agreement with Dominion gives it consent rights when it comes to big financial and management decisions.

For example, Dominion alleges in the complaint that Merchants invested more capital into the venture than Dominion had been aware of, which changed the partnership’s capital structure. Merchants also allegedly did not extend or refinance a $30 million loan for the project from Hackensack, New Jersey-based bridge lender Silver Arch Capital Partners that was set to mature in November.

The complaint also claims that Merchants altered the hotel’s management agreement to swap out Cachet Hotel Group as the operator of the Playboy Club and the hotel’s restaurant, EDEN Local. Cachet was to be the hotel, food and beverage operator for at least two years, the complaint states. Merchants then allegedly shut down EDEN and instead opened a Merchants restaurant, Treadwell Park, without Dominion’s input.

Dominion is seeking a permanent restraining order that would require Dominion to get written consent to move forward with major decisions.

Merchants declined to comment. Eugene Meyers, an attorney at Meister Seelig & Fein LLP who is representing Dominion, declined to comment beyond the complaint but noted his client is only trying to get information about the investment.

The Cachet Boutique Hotel opened in November 2017 at 510 West 42nd Street. The property had been the former Out Hotel and contained a club and restaurant.

Merchants, Dominion and Cachet Hotel Group (which is not a party to the lawsuit) linked up to rebrand the nightclub, hotel and restaurant, with the Playboy Club as the main attraction. To do that, they set up two overarching entities: one that acquired the property’s long-term ground lease in 2016 for $40 million. The other owns the licensing for the hotel, club and restaurants.

Dominion’s complaint notes that it found out about some of the details related to alleged mismanagement issues at the hotel thanks in part to a wrongful termination lawsuit filed by Cachet’s former CEO, Alexander Mirza, against Cachet.

Mirza claimed he was fired for trying to look into sexual harassment claims against Cachet’s partner in the hotel, Merchant’s Adam Hochfelder. Cachet previously has said an independent investigation found no evidence behind the claims and said Mirza had been fired for cause. The hotel company’s counterclaims included some of the alleged issues at the redeveloped New York property, but Dominion said Merchants never consulted with it about them.

Mirza’s attorney, Michael Faber, said in an email that Mirza denied all the allegations in Cachet’s cross-complaint against him and that Mirza “and Cachet have since resolved their differences. There is no longer any pending litigation between them.”

From left: Tyra Banks, Santa Monica Place (Credit: Getty)

In “Life Size” and its recently released sequel, “Life Size 2,” supermodel Tyra Banks plays the role of “Eve,” a doll who lives in a make-believe place called Sunnyvale where dolls and models run amok.

With her latest endeavor, a brick-and-mortar project dubbed “Modelland,” it’s almost as if Banks is looking to recreate that fantasy land.

The “America’s Next Top Model” creator plans to open a 21,000-square-foot interactive amusement park — named after her 2010 novel — at Santa Monica Place, WWD reported.

Set to open this year, Modelland will include retail, entertainment and other interactive experiences. More exact details remain scant, but Banks told WWD the project will be a permanent ticketed attraction, as opposed to the more common pop-up experience that disappears after a set amount of time.

Macerich, owner of Santa Monica Place, even contributed funding for the project alongside other investors. Banks said it took her 10 years for Modelland to become a reality.

The outdoor mall is also going to be getting another attraction soon. The Zimmer Children’s Museum, now rebranded to Cayton’s Children Museum, is also opening a 21,000-square-foot space this year. Designed by R&A Architecture + Design, the eye-catching museum will host more than 30 exhibits for kids. [WWD] – Natalie Hoberman

(Credit: Wikimedia Commons)

With a FBI investigation consuming Los Angeles City Hall, reports of a different kind of “rat” might be expected. But instead, there is unrelated trouble caused by a real rodent invasion.

The building has been overrun with rats, and crews may need to remove all the carpet due to fear of typhus, the Los Angeles Times reported. With mounting complaints of vermin chewing through decorations, nesting in potted plants, droppings and flea bites, officials are calling for an investigation.

Council President Herb Wesson directed agencies to report on the scope of the issue and estimate the cost to replace all the carpet. His motion also calls for a tally of plants in all city buildings downtown, and for a new policy on securing food after hours.

The county declared a typhus outbreak downtown last year, and said people should avoid stray animals, including rats, as the flea-borne illness can spread to humans. One deputy city attorney believes she contracted typhus in November while working in City Hall East and has yet to return to work.

Wesson’s motion did not cite any reasons for the infestation but noted the demolition of the Parker Center across the street and “ongoing cleanup issues near the Civic Center complex,” according to the report. [LAT] – Gregory Cornfield

Candice Payne on Ellen (Credit: ellentube)

By now, Candice Payne’s kind act during Chicago’s polar vortex is fairly well known.

Payne, managing broker at 5th Group Realty & Management — and her husband — helped provide hotel rooms to dozens of homeless people in the South Loop during last week’s subzero temperatures.

Candice Payne on Ellen (Credit: ellentube)

But at a Wednesday appearance on the “Ellen DeGeneres Show,” the real estate agent and her husband got a surprise gift of their own.

DeGeneres handed them a $50,000 check. The talk show host was prepared to give the couple $25,000, but after they recounted the story on air, she called Walmart during a commercial break and got the retailer to double the donation, according to the Chicago Sun-Times. Payne said she hopes to use the funds to start a nonprofit.

During the brutal cold, Payne had initially rented 20 rooms for the homeless at $70 each at the Amber Inn in Bronzeville. When Payne asked her friends on social media to help transport the homeless to the hotel, her gesture went viral. More Good Samaritans joined in, helping the couple book 71 rooms for five nights, according to the Sun-Times.

The city’s deep freeze led Mayor Rahm Emanuel to give the Buildings Department emergency powers to restore heat in residential buildings where systems weren’t working. [Chicago Sun-Times] — Joe Ward

Vancouver (Credit: gags9999/Flickr, iStock)

The numbers don’t lie — the city of Vancouver is in the midst of a massive correction in its residential market.

The composite home price for Metro Vancouver fell 4.5 percent in January on a year-over-year basis to $780,000, the most significant yearly fall since May of 2013. That price is 8 percent below the market’s peak in June, according to numbers compiled by the Real Estate Board of Greater Vancouver and a report by Bloomberg.

Rising mortgage rates — which have also tempered the U.S. housing market — new taxes and tighter lending rules all contributed to the correction. A local realtor estimates there’s 19.5 months worth of unsold inventory on the market. Sales in the city fell 32 percent last year, according to Canadian Real Estate Association data.

Vancouver home prices have skyrocketed in recent years thanks in part to an influx of foreign capital, mostly coming from mainland Chinese buyers.

The high-end market has been hit especially hard as foreign capital dries up. Prices for homes in the upper class neighborhood of West Vancouver fell 14 percent over the last year, according to Bloomberg.

Price growth has “significantly outpaced” local income growth, according to the Canada Mortgage and Housing Corporation, a government entity. Even despite pricing drops, the CMHC still considers the market to have a “high degree” of overvaluation.

The Florida-based home auction company Concierge Auctions is opening an office in Vancouver to capitalize on the correcting market. [Bloomberg] – Dennis Lynch

Annie Leibovitz (Credit: Corcoran Group, Getty)

A West Village townhouse that once belonged to photographer Annie Leibovitz has hit the rental market — for a steep $12,600 a month.

The home, at 311 West 11th Street, is one of three adjacent properties that Leibovitz purchased over the course of several years, Curbed reported. The townhouse was reportedly used as a guesthouse, while the others were her home and studio.

Corcoran’s Steve Gold and Viktoria Wiberg have the listing.

Leibovitz began assembling her West Village compound in 2002 and sold it for $28.5 million in 2014 to Lauren Bush Lauren, President George W. Bush’s niece, and her husband, David Lauren, son of the designer Ralph Lauren. The property has been on the rental market several times since, the report said.

The three-story townhouse, clad in ivy, spans about 2,000 square feet and boasts three fireplaces, a renovated kitchen and vintage features like beamed ceilings and exposed brick. The property also has a large basement. [Curbed] — Meenal Vamburkar

The Doomsday Clock says it’s two minutes to midnight. Could that be why an underground mansion in Las Vegas is asking more than 15 times its previous price?

Just a few miles east of the Las Vegas strip – and 26 feet down – is a 15,000-square foot luxury bunker, built in the 1970s, which returned to the market last month. The current asking price in $18 million, although the property sold for just $1.15 million in 2014, according to Inman.

The house was the brainchild of underground living enthusiast Girard Henderson, an executive at Avon who also sponsored the “Underground World Home” at the 1964 New York World’s Fair in Flushing, Queens.

Designed to look like a normal dwelling while being protected from nuclear bombardment, the subterranean complex comes with a guest house, pool and front yard, complete with trees and a grill. An actual above-ground house was only added to the property in 1983 by Henderson’s wife after his death.

Berkshire Hathaway’s Stephan LaForge has the listing. Two weeks after the property hit the market, it became Realtor.com‘s most-viewed listing in the country – but it’s unclear how many of those views came from serious buyers.

“There’s been lot of interest in the sense that people want to look at it,” LaForge told Time. “It’s like an attraction, like going to Disneyland.” [Inman, Time] — Kevin Sun

From left: Wildfires in California in August 2018; home after Hurricane Florence (Credit: Getty)

Natural disasters caused $91 billion in damage to the United States last year, a federal government study has found.

Amid growing global concern for climate change, the National Oceanic and Atmospheric Administration analyzed the aftermath of 14 natural disasters that occurred during 2018, and found that it was the fourth most costly year on record for such events, as reported by CNBC.

The most devastating events were the California wildfires, Hurricane Florence in the Carolinas and Hurricane Michael in Florida. The three events were responsible for a combined $73 billion of damage.

Across the country, wildfires contributed $24 billion in damages, which constituted a new record for destruction by fire. Following Hurricane Florence, homebuilding in the country’s south dropped 13.7 percent.

President Donald Trump pulled the U.S. from the Paris Climate Accord in 2017 and has repeatedly mocked science surrounding the phenomenon. After he suggested on Twitter that intense snow storms that afflicted the midwest last week were evidence of climate changing being a conspiracy, the NOAA stated that “not only are severe snowstorms possible in a warming climate, they may even be more likely.” [CNBC] — David Jeans

LeFrak Organization”s Richard LeFrak and a rendering of the Hollywood project

The LeFrak Organization is restarting a 15-story mixed-use project in Hollywood with a plan in place to limit challenges to its environmental review.

The New York-based developer has submitted the project for designation as an environmental leadership development project. The program limits legal challenges under the California Environmental Quality Act if it meets certain environmental and sustainability standards, according to Urbanize.

LeFrak first proposed the project, at 6436 W. Hollywood Boulevard, in 2016, but saw little activity. It’s planned with 260 rental units and 17,800 square feet of commercial space on its lower floors.

The program is for projects over $100 million and it limits any challenge under CEQA, the state environmental law, to nine months. CEQA requires that state and local governments properly identify how development projects impact local environments and propose mitigation efforts, if necessary, to reduce impact.

The law is frequently used as the basis for legal challenges against development projects. Critics of CEQA argue that anti-development forces “weaponize” the law to delay projects until they’re financially unfeasible or to otherwise pressure developers to capitulate to whatever demands they have. There have been numerous efforts on various levels of government to reduce the impact of the law.

A similar “leadership” certification is also available to fast track projects. The L.A. Clippers last month applied for the designation for its proposed 18,000-seat stadium in Inglewood.

LeFrak acquired the site in 2007 for $5.85 million. There is a 6,000-square-foot Class C office building there currently. The firm expects to open the project in 2023. [Urbanize] — Dennis Lynch

(Credit: Moody’s Investor Service, Trepp and Unsplash)

Want to understand if a major property is at risk of defaulting on their loans? One way to tell is to look at the difference between private appraisals of the building and those done by ratings agencies.

An analysis of large commercial mortgage-backed securities deals by The Real Deal found that ratings agencies routinely shave more than 20 percent off bank appraisals in the lead-up to bond offerings. In some cases, they may shave up to 50 percent when trying to gauge the true value.

Part of the difference is that ratings agencies look at the worst possible outcomes over the course of a 10-year loan when they give a valuation, said Moody’s CMBS analyst Kevin Fagan. And, according to a recent Moody’s study of loans from years 2002 to 2007, the larger the discrepancy between appraiser values and ratings agency values, the more likely the chance of default.

“For appraisers, the market valuation is about one point in time — often tied to a sales price,” Fagan said. “For ratings agencies, we’re looking for the very stressed version of what may happen in the event of default of these loans that results in a bond loss … the higher the rating, the lower our assumed stress value.”

The root of the problem, insiders say, is a conflict of interest. Appraisers are supposed to be impartial. But they are hired and compensated by people who aren’t, which makes them vulnerable to pressure.

To see the full story from the February issue, click here.

Paul Darrow and the property at 1811 Morton Avenue that sold for $25.5 million (Credit: Google Maps)

Clear Capital has sold a 66-unit apartment community in Echo Park for $25.5 million to an institutional investment fund.

The Morton Gardens complex is located at 1811 Morton Avenue, less than a mile from Dodger Stadium, according to Multi-Housing News.

Records show that an institutional investment fund controlled by EQ Office, which is owned by Blackstone Group purchased the property, which has three buildings with three stories apiece.

The buildings, which were completed in 1972, include one-, two- and three-bedroom apartments. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

The Echo Park sale follows the recent sale of the Parkwood complex in Loz Feliz, which was another case of institutional investors purchasing smaller communities from local owners. That 78-unit property traded for $20.2 million and was the second largest multifamily investment sale in Los Angeles for December.

New multifamily projects are coming to Echo Park. Realty Investment Advisors plans to build a 60-unit complex at 600 N. Alvarado Street.

Blackstone’s EQ Office has also been busy recently. Last week it purchased Forever 21’s headquarters east of Downtown for almost $166 million. [MHN] — Gregory Cornfield

Barneys Beverly Hills Mens’ Floor (Credit: Steve Harris Architects and iStock)

The rich and famous of Los Angeles will soon have a one-stop shop to buy their sterling silver pot grinders, $1,000 Louboutin heels and $4,000 Prada dresses.

Barneys, an upscale department store based in New York, announced it is opening a “luxury cannabis and wellness concept shop” in its store in Beverly Hills next month, Bloomberg reported.

Barneys is partnering with Beboe, a local pot retailer, to sell a wide-ranging net of weed paraphernalia, including French hemp rolling papers and $1,500 pot grinders.

Weed, however, will be missing from the menu as the department store does not have the proper license to legally sell marijuana.

Appropriately dubbed “The High End,” the head shop will open at the store at 9570 Wilshire Boulevard sometime in March, with other locations in the state to follow. It could also expand to other states as recreational marijuana becomes legal elsewhere.

Since California passed a law legalizing recreational marijuana in January 2018, a plethora of new shops, restaurants and cafes have been popping up. Late last year, West Hollywood signed off licenses that would allow businesses to operate at least eight lounges where people can both smoke and consume weed-infused products, a la Amsterdam.

The cannabis industry has also seeped beyond retail recently, expanding into co-working and commercial real estate. In Downtown Los Angeles, a seven-story office building that will cater strictly to businesses in the cannabis world is nearing completion. A co-working firm, Paragon, also opened a cannabis-centric location in Hollywood last year. [Bloomberg] — Natalie Hoberman

Goldrich Kest CEO Mike Dandrell and the Dolphin Marina Apartments in Marina del Rey

Goldrich Kest has promoted a longtime executive to lead the company, after a year in which the Culver City developer made a string of multifamily buys in the area.

The firm promoted Mike Dandrell, its chief operating officer, to CEO in January. He’s worked for Goldrich Kest since 1995, when he took a position as Controller. During his 24 years there he’s also held the position of Vice President and Chief Financial Officer.

Goldrich Kest, which has around 600 employees, owns about 120 apartment complexes and 55 commercial and retail properties around the country, mostly in California. Its multifamily portfolio totals around 13,000 units. It owns three marinas and associated apartment complexes in Marina del Rey.

It also owns some senior living communities and industrial properties. In July it offloaded a South Bay industrial property for around $21 million.

The firm has made a series of multifamily acquisitions in L.A. over the last year or so, spending about $121 million on properties in West Covina, West Hollywood, and Hollywood.

Goldrich Kest was founded in 1957 by its namesakes Jona Goldrich and Sol Kest, who died in 2016 and 2010, respectively. Members of their families continue to be involved with the firm.

80 South Street

China Oceanwide Holdings is putting 80 South Street on the market.

The Beijing-based company purchased the Financial District site about three years ago and is looking to sell it for roughly $300 million, according to Commercial Observer. Just five firms have been approached so far to bid on the property.

The firm purchased 80 South Street along with 163 Front Street for $390 million in March 2016, and the property is currently zoned for a mixed-use building spanning 818,000 square feet. Oceanwide had planned to construct a mixed-use building on the site, but their principal operating entity no longer wants them to spend the capital, a source told the publication.

Cushman & Wakefield’s Adam Spies is marketing the site.

Oceanwide recently ran into some financial troubles in Los Angeles, where contractors are claiming that the developer owes them more than $62.5 million for unpaid labor at the $1 billion Oceanwide Plaza project downtown. Work stopped at the three-tower project late in January, and the firm said it would resume by mid-February. [CO] – Eddie Small

Home on Woodburn Drive (Credit: Realtor, Wikipedia, and iStock)

Miriam Schaeffer, a former executive at the nail polish products company her ex-husband founded, paid $15 million for a Brentwood home, The Real Deal has learned. The closing price was more than 20 percent less than its offering three months ago.

The seller was James Gordon, founder of Chicago-based private equity firm Edgewater Funds, property records show. In November, he listed the 10,200-square-foot home for nearly $19 million.

At $15 million, or about $1,470 per square foot, the sale establishes a new record for highest price and highest price per square foot in the gated Brentwood Circle, according to listing agent Sam Real of Engel & Volkers.

Schaeffer previously served as an executive at the Calabasas-based OPI Products nail polish company. Her ex-husband, George Schaeffer, founded the company in 1981. In 2016, she sold a gated estate in Beverly Hills for $15 million. A pharmaceutical executive purchased that home, which includes six bedrooms and eight bathrooms.

Located on Woodburn Drive, the French provincial style Brentwood estate includes six bedrooms and nine bathrooms on a half-acre lot. Amenities include a 15-seat theater, gym, office, wine cellar that fits up to 7,000 bottles, and a six-car subterranean parking garage. There is a swimming pool and olive trees outside.

The property last traded for $10.4 million in November 2016, property records show.

Real represented Gordon, while Jacob Dadon at the Agency represented Schaeffer.

Elsewhere in Brentwood, talent agent executive Ari Emanuel is seeking a buyer willing to dish $19 million for his bachelor pad. The co-CEO of William Morris Endeavor recently listed his 8,000-square-foot home on Mandeville Canyon for sale after splitting from his wife of 20 years.

David Simon (left), Peter Horvath (right) and the Roosevelt Field Mall in Garden City (Credit: iStock, Google Maps, and Green Growth)

America’s biggest mall owner is seeing green.

Soon after posting a record fourth quarter, Simon Property Group announced on Monday that it would be partnering with cannabis firm Green Growth Brands to open 108 shops in its malls this year. The shops will sell products infused with the cannabis extract cannabidiol, also known as CBD, according to CBNBC.

“The GGB shopping experience is exactly the type of innovation our customers want and expect from us,” Simon Malls president John Rulli said.

The first GGB shop will open in March at Castleton Square Mall in Indianapolis, the companies said, with others opening later this year. Simon’s headquarters is also located in Indianapolis.

Other shopping centers that will host the stores include the Roosevelt Field Mall on Long Island and The Galleria in Houston

CBD, which was mostly legalized in December when President Trump signed the 2018 Farm Bill, has been touted as a wonder-drug that delivers the calming effects of marijuana without the high. Restaurants in New York City have been selling CBD-infused products for months, though the New York Department of Health began cracking down on the practice last week. The FDA still prohibits CBD from being added to foods and drinks.

Thanks to the partnership, GGB will also be opening more shops under its “Seventh Sense” brand, which provides CBD-infused body care products.

Simon Property Group owns more than 200 retail properties nationwide, with about a dozen in the New York metropolitan area. The partnership with GGB will help the REIT fill storefronts recently vacated by major brands such as Gymboree and Sears.

Columbus, Ohio-based GGB has been looking to expand its business in other ways as well, recently pursuing an unsolicited takeover of Canadian cannabis company Aphria, according to Marijuana Business Daily. Though Aphria’s board rejected a hostile bid last week, GGB says it intends to continue its efforts to acquire the company.

Simon posted a 25-percent jump in net income in the fourth quarter to $712.8 million. Competitor Macerich, meanwhile, saw net income in the fourth quarter plunge 64 percent from a year earlier to $11.7 million. [CNBC] — Kevin Sun