A rednering of the project and EF CEO Edward Hult (Credit: The City of Pasadena)

School’s out for summer and work can get started on more than 200 units of housing for a new private boarding school in Pasadena.

Designs have been approved for EF Education First’s new development project at the former William Carey International University campus, according to Urbanize.

EF Education First will use the 15-acre site for its latest school.

Crews will demolish the Aylward Dormitory, built in 1945, and an administration building to make way for a 230-unit dorm with administrative offices and a student health center. The four-building development will include 130,000 square feet of space and up to 690 beds. The Gensler-designed project is developed by parent company EF Academy International Boarding Schools. It’s expected to open September 2020.

EF Education First agreed to purchase the campus at 1539 Howard Street, and a row of 16 houses along Oxford Avenue for $44 million in April 2018. The Switzerland-based education firm operates close to 600 locations throughout the world.

The plan adds to the wave of redevelopments at campuses with growing enrollment. ArtCenter College is spending $42 million on renovations at two campuses in Pasadena. The school is also planning to add a theater, classrooms, and as many as 1,500 new beds for students.

Loyola Marymount University is planning to add more than 600 beds, and UCLA is set for a 16-story project for close to 500 students. Also, Southwestern Law is planning a 133-unit dormitory, and a 128-unit facility is set to rise near California State Northridge. [Urbanize] — Gregory Cornfield

Anaheim and City Council member Jose Moreno

In Los Angeles County, a growing number of cities have passed temporary rent control measures after a statewide referendum to overhaul the rent law failed. In Culver City, officials are now exploring a possible rent control freeze.

But in one city in neighboring Orange County, officials are taking a different approach.

The Anaheim City Council voted to reject a six-month rent control ordinance that would have limited rent increases to 5 percent, AnaheimBlog reported. Council members voted against the measure 5-2 last month.

The measure had been drafted by a council member after the owner of an 18-unit apartment complex hiked rents by 50 percent. The owner then gave tenants 60 days to vacate if they didn’t pay up.

The temporary rent control ordinance, supporters argued, would have protected the residents from displacement.

Rent control measures have been gaining momentum across Southern California in recent months. They followed the defeat of Proposition 10 in November that would have opened the door to rent control statewide. But in April, the AIDS Healthcare Foundation proposed a new measure that would greatly expand the number of properties eligible for rent control. The group is hoping to garner enough signatures for the November 2020 ballot.

In the meantime, cities have taken matters into their own hands. In Inglewood, where the majority of residents rent, local lawmakers passed a permanent measure that caps rent increases at 5 percent per year.

Long Beach tenants were also handed a victory recently when the City Council approved an ordinance that will require landlords to pay for tenant relocation fees. [AB] — Natalie Hoberman

An office built in a shipping container

Investment in the sector totaled $6.1 billion last year, nearly double what was invested in 2017 and a 1,632 percent increase from the $352.1 million invested in 2016, according to the Wall Street Journal.

So far this year, around $4.3 billion has been invested in construction tech, putting 2019 on pace to break last year’s record.

Goldman Sachs is a leader in the trend and invested into at least five firms this year, including a $95 million investment into the British modular housing firm TopHat. It also led a $34 million round of fundraising for Built Technologies, which sells a platform for lenders to track construction loans.

Some see modular construction technologies and other labor-saving advances as good bets because of the nation’s shortage in skilled construction labor. A 2017 survey found one-third of contractors nationwide have turned down work because they don’t have the labor.

Modular construction — in which parts of a building are built off site for on-site assembly — is seeing endorsements by builders too. The Chun family recently secured funding to build a modular AC by Marriot hotel in Manhattan. It’s billed as the tallest modular hotel in the world.

Investors are also attracted by big payouts secured by other investors when companies they bet on were bought out. Michael Berolzheimer, founder of investment firm Bee Partners, told the Journal that he netted seven times his investment when software maker Autodesk acquired a company he invested in. [WSJ] – Dennis Lynch 

2000 North Highland Avenue (Credit: Google Maps)

A Hollywood Hills apartment building owner wants to convert the property to short-term rentals, a move that comes as Los Angeles’ new law restricting Airbnb-type companies take effect.

Villa Valentino Hollywood LP — an entity controlled by an individual named Carl Lindros — owns the 18-unit building at 2000 N. Highland Avenue. Plans were filed plans last week to create an apartment-hotel hybrid there, records show. The property would be up to 61 feet high — meaning additional work would be done on the structure — and would be used primarily for guests staying for 30 days or less.

The property would be classified as a designated as a transient occupancy residential structure, meaning it will be a building designed or used as both a permanent residence for some occupants and a short-term stay for those who rent.

The move comes as the city’s new short-term rental laws go into effect for companies like Airbnb and HomeAway. At the same time, landlords in L.A. are partnering with extended-stay home-sharing companies to fill vacant units. Housing advocates say these platforms are adding to the problems that have contributed to the city’s lack of affordable units.

The transit occupancy residential designation was part of what helped developer Onni Group successfully fight an appeal over units used as short-term stays at its Downtown condo tower. Onni won the battle despite claims it was also operating and an “unpermitted hotel” at its 35-story building at 888 Olive Street. The city allowed Onni to continue providing short-term rentals, which the company dubbed Level Furnished Living residences.

Rendering of the American Dream project in the Meadowlands

After shuffling through developers and dealing with years of delays, American Dream is almost a reality.

Triple Five Group has announced that its retail and entertainment project in the Meadowlands will open on Friday, October 25 — about 15 years after its first developer broke ground on the massive complex. NJ.com and other local outlets reported Wednesday on the new timeline.

Once known as Xanadu, Triple Five took over the development in 2011. The Edmonton-based conglomerate, founded by the Ghermezian family, said earlier this year that the 3 million square foot American Dream would not open on time, as planned, in May.

But in June, Triple Five unveiled a unique partnership with the Coca-Cola Company that made the soft drink giant the official sponsor of the mega-mall. While financial terms of the deal have not been disclosed, Coke products will be integrated into the art, dining, entertainment, fashion and music offerings at American Dream.

“American Dream brings its guests an unrivaled destination… It’s unique mix of entertainment (55%) and experiential retail (45%) will welcome and entertain guests, embracing everyone in a new retail and entertainment revolution, where everything is possible,” said a statement from Triple Five’s chief creative officer Ken Downing, hired by the company from Neiman Marcus in March.

The massive shopping center, which will include a Nickelodeon Universe theme park, DreamWorks water park, an Angry Birds-themed miniature golf course, ice hockey and skating rink and an indoor ski and snowboard slope, is located at the Route 3 and New Jersey Turnpike interchange in East Rutherford. [NJ.com] — Brian Baxter

There are only a handful of homes in Los Angeles County with nine-figure price tags.

In theory, a seller can set any price on a property — see the original $1 billion ask on Mountain of Beverly Hills — but few would add that last zero to their ask if they didn’t expect it to sell for an astronomical sum.

That was the case for Spelling Manor, the 123-room Beverly Hills mega-mansion that traded this week for $120 million after three years on the market and three price cuts from its original $200 million ask.

Even with those massive price drops, the sale broke the L.A. County record set last year when Hard Rock Café founder Peter Morton sold his Malibu beach house for $110 million.

Do not fret, billionaire readers, there are still other mega-estates up for grabs in L.A. Here are seven of the priciest L.A. homes on the market. The list does not include undeveloped properties like 0 Tortuoso Way, which is listed for $150 million.

875 Nimes Road

875 Nimes Road, Los Angeles
$195 million

The Sumner Spaulding-designed Chartwell Estate spent a year in an even pricier bracket before hitting the MLS in October 2018. The 10-acre property of late Univision billionaire A. Jerrold Perenchio came on the market in 2017 as a $350 million pocket listing, but didn’t find any takers. In October, the French neoclassical mansion hit the market for $245 million and last week went down to $195 million.

The estate has 11 bedrooms and 18 bathrooms and was renovated in the 1980s by designer Henri Samuel. It also features a guest house designed by Wallace Neff, a 75-foot pool and 40 parking spaces.

“A lot of people are wanting [a timeless] look again,” said Mills, who is one of the listing agents on the property. She noted that it is “not a white box. We sort of went through the very, very contemporary, and now people are wanting much more of that soft, beautiful contemporary.”

In addition to Mills, Chartwell Estate is being listed by Joyce Rey and Alexandra Allen, also of Coldwell Banker; Jeff Hyland, Drew Fenton and Gary Gold of Hilton & Hyland; and Drew Gitlin and Susan Gitlin of Berkshire Hathaway HomeServices.

67 Beverly Park Court, Beverly Hills
$165 million

Situated on more than seven acres, this sprawling Italian estate has 20 beds, 16 baths and more than 28,000 square feet in the main house, known as Villa Firenze. The property also features a pool, guest house, tennis courts and a jogging trail.

Built in the late 1990s by the current owners, billionaire Steven Udvar-Házy and his wife, Christine, this is the first time the expansive property has been publicly listed. It spent some time as a pocket listing for the same price before hitting the MLS in September 2018. Jeff Hyland and Richard Hilton of Hilton & Hyland are the listing agents (Hyland had the off-market listing as well).

924 Bel Air Road, Los Angeles
$150 million

The 42,000-square-foot property, nicknamed Billionaire, has 17 bedrooms and 21 bathrooms as well as five bars, three kitchens, a 40-seat theatre, a four-lane bowling alley and a fleet of cars worth $30 million.

Built by developer Bruce Makowsky, the spec home has seen several price chops in its two years on the market. It started at $250 million in 2017, dropped to $188 in April 2018 and settled at $150 million in January of this year.

The property is listed by Rayni and Branden Williams of Hilton & Hyland and Shawn Elliot of Nest Seekers International.

2571 Wallingford Drive, Beverly Hills
$135 million

This five-acre estate came on the market last summer and features not only a 31,000-square-foot main house but a 5,000-square-foot guest house, a two-bedroom guard house, a caretaker’s house and a sports facility that includes a gym, boxing ring and paddle tennis court.

The main house was originally built in 2000, but developer Gala Asher partially demolished the structure in order to expand it to its current footprint. Coldwell Banker’s Ginger Glass has the listing.

9505 Lania Lane

9505 Lania Lane, Beverly Hills
$129 million

As with some of the other properties on our list, acreage is a major differentiator for the Palazzo di Amore, a 43,000-square-foot estate on 25 acres in Beverly Hills, said the Agency’s Stacy Gottula, who has the listing.

The Palazzo was first listed in 2014 for $195 million by billionaire developer Jeff Greene, who took it off the market when it failed to find a buyer. The property was relisted for $129 million in 2017, and the price has held steady.

“When we first came on the market [in 2014], it was the highest price that had ever been listed in the United States,” Gottula said. “Now, seeing all the prices that have been coming on since — properties in the $200 million, $250 million range — I honestly feel like it’s the best buy in the city. There’s really not another estate like it.”

The Palazzo has six structures, including a main house, a guest house, chauffeur’s quarters and an entertainment building containing a stage, theater, ballroom and bowling alley. Gottula is selective about who can view it. With many of her high-end listings, this cautiousness extends to putting it online as well, Gottula said. 

“A lot of buyers don’t want the house to be [seen online] all over the world because of security reasons, so when you get into a really high price point… you need to stay a little more under the radar to maintain the privacy,” said Gottula, adding that she’s had lawyers ask for all images of her listings to be scrubbed from the internet after a sale goes through, which she acknowledged is impossible.

The Agency’s Mauricio Umansky also has the listing for the Palazzo di Amore.

27600 Pacific Coast Highway, Malibu
$125 million

This Paradise Cove property officially came on the market in January, although the seller, NBCUniversal Vice Chairman Ron Meyer, had been reportedly shopping it around privately since last summer at the same price. On 3.1 acres, the estate was designed by Charles Gwathmey in the late 1990s. It has five bedrooms and six bathrooms, private access to a secluded beach, a large pool and a tennis court.

The property is listed by Westside Estate Agency’s Kurt Rappaport.

141 South Carolwood Drive, Los Angeles
$115 million

Designed by Robert Farquhar in the 1930s, the 9.9-acre Owlwood Estate has nine bedrooms and 10 bathrooms, but what really stands out about this property is the “exceptional detail, the ceiling heights, the foyer, the staircase… they are just very different than much of what was built in that era,” said listing broker Mills.

Owlwood has seen a fair amount of price fluctuation. It sold for $90 million in 2016, was listed for $180 million in 2017 and spent about six months on the market before it was delisted. It was relisted in September 2018 for its current $115 million price.

Mills said she has hosted one small event for brokers and another for potential buyers but has done a lot of “personal networking” to find a buyer. The property was once home to Tony Curtis and Sonny Bono and Cher, so Mills said she’s embracing the estate’s rich past and focusing on buyers “who are looking for something really special and really love the old history.”

In addition to Mills, Owlwood Estate is also listed by Drew Fenton and Linda May, both of Hilton & Hyland.

Facebook CEO Mark Zuckerberg and New York Governor Andrew Cuomo (Credit: Getty Images)

Facebook’s reputation is taking another hit: this time, it’s for continued claims of alleged fair housing discrimination.

Gov. Andrew Cuomo on Monday ordered the New York Department of Financial Services to investigate claims that Facebook is letting landlords use their advertising platform to reach the “right” kind of tenants. The reports claim that advertisers were using Facebook’s platform to screen out zip codes in order to target demographic groups that are protected classes, a problem that plagues the city 50 years after legislation was enacted to desegregate housing.

According to an official, the investigation will focus on how advertisers use Facebook’s platform, the New York Daily News reported.

“The allegations against Facebook advertisers are extremely troubling and fly in the face of everything that New York stands for,” Cuomo said. “(We will) investigate these claims and help ensure that New Yorkers seeking housing for themselves and their families are not discriminated against.”

In March, Cuomo reached an agreement to amend the New York State human rights law to add income to the list of protected classes under statewide law. The law prohibits landlords and lenders from cherry picking groups of people based on race, religion, national origin, familial status, sex and disability, among others. But the myriad of options Facebook offers advertisers — including selecting zip code — raise questions about enforceability. The claims echo some of the allegations lobbed against Facebook in a March Housing and Urban Development suit. [NYDN] — Georgia Kromrei

1303 Optical Drive with OneLegacy CEO Tom Mone

One of the largest organ, eye and tissue donation nonprofits in the world has acquired an office building in the Valley that will serve as its new headquarters.

OneLegacy paid $18.4 million for the building at 1303 Optical Drive in Azusa. Vindar Batoosingh of CBRE represented OneLegacy in the deal, which was announced Wednesday.

Los Angeles-based Proficiency Capital sold the 98,770-square-foot building. The firm also recently sold a development site, known as the Canyon City Business Center, on Todd Avenue for $47 million.

OneLegacy will be relocating from Downtown office at 221 South Figueroa Street. It plans to add a recovery center to the three-story property.

This was the second significant commercial real estate purchase for OneLegacy in a little over a year. In April 2018, the organization paid Blackstone $39 million for a 203,000-square-foot office complex in Monterey Park.

Last month, investment firm Westcore Properties secured a $100 million loan to build a massive car dealership and rental facility in Azusa. The project, financed by Bank of America, would span 188,950 square feet once completed.

Donald Trump and the home at 809 N. Canon Drive. (Credit: Getty Images, and Google Maps)

UPDATED, June 12, 1:06 p.m.:The Trump Organization has sold one of its last remaining properties in Los Angeles, a home on North Canon Drive in Beverly Hills.

The company, now controlled by President Trump’s son Donald J. Trump Jr., sold the home at 809 N. Canon Drive for $13.5 million, property records show. It was an off-market sale.

The buyer was an entity named Hillcrest Asia Limited, according to L.A. County records.

In 2007, the Trump Organization paid $7 million for the home. The company also once briefly owned the mansion next door on 806 North Canon Drive.

In a statement provided after publication, Trump’s son Eric Trump — who is also an executive vice president at the Trump Organization — called it “a beautiful home that our family enjoyed for many years.” But, he added, “given my father’s presidency and our hectic schedules, our family has not had the chance to enjoy the property in recent years and it has seen minimal use. As such, it simply made sense to sell.”

The five-bedroom, 5,400-square-foot home at 809 North Canon sits at the top of Rodeo and Canon drives, where the two roads meet Sunset Boulevard.

Donald Trump reportedly didn’t often stay at the home, but he made an impression. The neighborhood was the only precinct on the Westside where a majority of voters cast their ballots for Trump in the 2016 presidential election. He won the precinct with 54 percent, to Hilary Clinton’s 42 percent, according to election data.

Trump also has maintained high-powered friends in the area. Last March, Tampa Bay Buccaneers owner Ed Glazer held a 2020 campaign fundraiser for the president at Glazer’s Beverly Park mansion.

The 809 North Canon home also stands directly across from the Beverly Hills Hotel. As has been widely reported, that was the location where now President Trump is alleged to have had affairs with former Playboy Playmate Karen McDougal and porn star Stormy Daniels. It was also where a third woman, Summer Zervos, alleged he assaulted her. President Trump has denied the claims by all three women.

The home has been something of a thorn in Trump Organization’s side since his presidential term began. Shortly after his election, the city of Beverly Hills began issuing fines on the property because its six-foot-tall hedges violated city code. Trump’s representatives contended that the hedges were necessary to protect the president if he ever stayed there. The Trump Organization paid at least $1,128 in fines over the course of 2017 related to that violation, records show.

The sale leaves the 250-acre Trump National Golf Club Los Angeles in Rancho Palos Verdes as the New York-based firm’s only L.A.-area property.

Robert Shapiro

A former luxury real estate developer in Los Angeles was arrested on federal charges, accused of deceiving thousands of investors in a Ponzi scheme worth $1.3 billion. The charges against Robert Shapiro, who ran Woodbridge Group of Companies, came Thursday, despite his November settlement with the Securities and Exchange Commission over similar charges in which he agreed to pay the government $120 million.

Shapiro and two former directors of investment at his company— Dane Roseman and Ivan Acevedo— have been accused of conspiracy to commit mail and wire fraud, the U.S. Attorney’s Office said in a release. Shapiro was also charged with conspiracy to commit money laundering and evasion of paying federal income taxes.

All three pleaded not guilty, and Roseman and Acevedo were both released on bond, according to the Los Angeles Times. Shapiro was ordered to remain in jail.

“Mr. Shapiro denies the allegations in the indictment and will vigorously defend himself in the appropriate forum,” his attorney Ryan O’Quinn said in a statement. Attorneys for Roseman and Acevedo could not immediately be reached.

The indictment accuses Shapiro, Acevedo and Roseman of targeting older investors who had Individual Retirement Accounts with high-pressure sales tactics, deception and manipulation. They allegedly described the investments as “low risk,” “safe” and “conservative” but actually used money from new Woodbridge investors to pay off prior Woodbridge investors.

The indictment also accuses Shapiro of using about $35 million of investor money for his own benefit, spending $3.1 million on chartering private planes and travel, $6.7 million on a personal home, $2.6 million on home improvements, $1.8 million on taxes and more than $672,000 on luxury cars.

The firm ran its scheme through offices across the country, including in Boca Raton, Florida, and Sherman Oaks, California, and the indictment for Shapiro, Acevedo and Roseman came out of the Southern District of Florida, according to the U.S. Attorney’s Office. They had their first court appearance in the Central District of California.

Shapiro also caused most of the Woodbridge companies to file for Chapter 11 bankruptcy, causing their investors to take significant losses, according to the U.S. Attorney’s Office.

Shapiro agreed in November to pay $120 million to the SEC as part of a settlement agreement over the Ponzi scheme. The SEC filed charges against 13 individuals and 10 companies in December in connection to the scheme as well.

Two Beverly Hills properties tied to the firm sold in January, including a mansion at 711 Walden Drive that sold for $13.8 million, and a home at 1118 Tower Road that sold for $7.3 million.

Medmen execs Adam Bierman, Andrew Modlin, and MedMen’s DTLA location

As it opened up dispensaries across the country, MedMen has been the poster child for the fast-growing mainstream cannabis industry. But a new report suggests the Los Angeles-based startup could be running on fumes.

Financial statements released last month showed that the company did not have “sufficient funds generated from operations” to cover its short- and long-term needs, and needed to find more financing, according to a CNBC report.

A former executive at the Culver City company claims in a January lawsuit that he raised concerns about MedMen’s finances. James Parker, the former CFO, alleged he was forced out after expressing concern about spending, along with alleged unprofessional behavior by CEO Adam Bierman and President Andrew Modlin, according to the suit.

MedMen operates in half a dozen states and is trying to establish itself as a leading mainstream recreational brand with high-end products and sleek retail locations. The company also cultivates cannabis and manufactures products, and sells medical marijuana.

Just this week, the company announced it had secured a $100 million loan from cannabis industry lender Gotham Green Partners. The firm said it will use the money to expand its locations in Florida, among other things. Gotham agreed to lend MeMen another $150 million based on stock performance. MedMen is listed on the Canada’s stock exchange.

MedMen’s stock value cratered nearly 60 percent between October and the Gotham announcement this week. Its shares total $1.6 billion, down from $3 billion last year.

In January, the company agreed to sell real estate assets worth $100 million to Treehouse Real Estate Investment Trust, a REIT formed in partnership with Stable Road Capital. MedMen added it will also use those proceeds to fund its expansion nationwide. [CNBC] — Dennis Lynch 

Victorino Noval and the Mountain of Beverly Hills (Credit: Getty Images and Redfin)

UPDATED, May 31, 9:30 a.m.: The owner of The Mountain of Beverly Hills mega-listing has filed for bankruptcy protection, The Real Deal has learned.

The Chapter 11 proceeding marks the giant bubble bursting on the 157-acre spread of undeveloped land, listed last July for a record-breaking $1 billion. The sprawling development site on Tower Grove Drive remains on the market, now for nearly half the price.

The owner, Secured Capital Partners, filed for Chapter 11 on Wednesday, a day before the lender could foreclose on four liens attached to the property. The loans total about $190 million.

Secured Capital is seeking relief from $50 million to $100 million in liabilities, according to the filing. While some of that is attached to The Mountain, Secured Capital’s attorney Ronald Richards said most of it is tied to other assets the entity owns.

On the filing, the company listed the value of its assets at less than $500,000, a tiny fraction of what it had originally sought for The Mountain. Richards claims that was a typo by the paralegal. An amended filing puts Secured Capital’s assets in the $500 million to $1 billion range.

He said the bankruptcy would likely affect the potential sale price, which was slashed in February. It is likely the property’s current $650 million price tag will be further reduced as it undergoes a sale through bankruptcy court, Richards said.

Still, he maintained that “the property will be sold or refinanced utilizing the best value the market or lending environment will bear.”

Listing agent Aaron Kirman did not respond to requests for comment.

Secured Capital acquired the sprawling development site — with the liens attached — from Tower Park Properties in 2016 through a title transfer. Both entities are tied to the family of Victorino Noval, an investor who was convicted of mail fraud and tax evasion. Secured Capital is controlled by Noval’s son, Franco Noval.

While it is Tower Park that was at risk of defaulting on the loans, Secured Capital could have still lost the property to foreclosure given that it acquired the title with the loans.

Documents show Tower Park owed the lender — the property’s previous owner, Mark Hughes Family Trust — about $190 million. Tower Park, controlled by the elder Noval and investor Charles Dickens, itself filed for bankruptcy in 2008.

By filing for Chapter 11, Secured Capital will have more time to reorganize its debt. The company is required to file a plan of reorganization by the end of June, court records show. A preliminary hearing has been set for Aug. 13.

It’s a case of the haves and have-way-mores when it comes to the earnings collected by the leaders of Los Angeles’ most influential public firms in commercial and residential real estate. As both markets plug along with warnings of a downturn looming in the background, the head honchos raked in substantial sums that were essentially on trend with their earnings over the last few years. To understand just how much they made, The Real Deal dug into the latest data available from disclosures of executive compensation packages in securities filings. A thing we learned? The top earner by far, Stephen Schwarzman of the Blackstone Group, had the lowest annual salary of the lot, at $350,000. But of course for chairmen and CEOs, salary is only a portion of the take-home pay, with bonuses and dividends significantly boosting their personal bottom lines.

Read on to learn who earned what.

Stephen Schwarzman is co-founder, chair and CEO of the Blackstone Group, a mammoth investment firm with $472 billion in assets under management as of the end of 2018.

While Schwarzman took home a hefty $567.8 million in 2018, filings with the U.S. Securities and Exchange Commission show that his salary was a fairly modest $350,000, the same as each named senior executive officer at the company. That number is significant because “it equals the total yearly partnership drawings that were received by each of the senior managing directors prior to our initial public offering in 2007,” according to Blackstone’s disclosures. “In keeping with historical practice, we continue to pay this amount as a base salary.”

The majority of Schwarzman’s 2018 earnings came from Blackstone’s dividends. While the company no longer discloses dividend payments on the particular class of stock owned by Schwarzman, Reuters did an estimate based on a $2.15 per common unit payout that put Schwarzman’s dividend payment for 2018 at approximately $500 million — and that’s a lowball guess, since his class of stock has historically been higher than the common unit. This amount was supplemented by $69.1 million in compensation, likely for investment gains.

Earnings have been up and down for Schwarzman, who in 2017 took in an estimated $786 million. In 2016, he raked in a mere $425 million, down from the $734.2 million he received in 2015. The 72-year-old is estimated by Forbes to have a net worth of $13.2 billion.

Blackstone has been doing some big transactions lately in the Los Angeles area. In March 2019, the Blackstone Real Estate Investment Trust bought the Miro Apartments in Santa Fe Springs for $56.7 million from New York-based private equity investor Praedium Group.

Another Blackstone entity, EQ Office, bought the Lincoln Heights headquarters of fashion retailer Forever 21 in mid-February for $166 million. EQ Office has also been shedding properties. The real estate firm sold a three-building apartment complex in Echo Park to the tune of $25.5 million, and a property in Westlake and one in Santa Clarita for a combined $113.6 million.

As president, CEO and chair of Kilroy Realty Corporation, John Kilroy Jr. took home $11.43 million in 2017, according to the most recent SEC filings available. Kilroy’s earnings were slightly down from his 2016 income of $11.56 million. And with a salary of $1.2 million in 2017, Kilroy’s take-home pay was made up primarily of his 5.8 million stock options. He also received $3.8 million as part of a nonequity incentive plan and approximately $531,000 in other compensation.

Kilroy Realty was founded by the senior John Kilroy in 1947, and the younger Kilroy has been involved in all aspects of commercial real estate acquisition, entitlement, development, construction, leasing, financing and dispositions since 1967. He was named the company’s president in 1981 and became its CEO in 1991. Kilroy Realty went public in 1996. Today it’s one of the major landlords on the West Coast, with assets in markets from Seattle to San Diego.

Kilroy is also a big player in the Los Angeles commercial real estate. In November 2018, Kilroy Realty leased 355,000 square feet of office space to Netflix at the Academy on Vine project under construction in Hollywood. This $450 million mixed-use development broke ground in June and will take up an entire city block.

Ryan Schneider is fairly new to the world of real estate titans. He became CEO of Realogy Holdings Corporation in December 2017. Previously, Schneider spent 15 years in senior leadership at Capital One Financial Corporation.

In 2018, he took home a total of $9.1 million, a sizable increase from his $5.2 million compensation package in 2017. According to the most recent available filings, Schneider’s 2018 pay included a base salary of $1 million, up from his $153,846 salary in 2017. Schneider’s 2018 pay was also included $5.9 million in stock awards, $1.5 million in option awards, $660,000 as part of a nonequity incentive plan and $60,747 in other compensation.

In 2018, Realogy logged approximately 1.4 million home sale transaction sides, reaching a transaction volume of approximately $512 billion, up 1 percent from 2017. However, last year was a tough one for Realogy, as it was for many industry players, with fourth-quarter revenue at the company down $90 million from the year prior. Realogy announced that it will cut costs going forward, and it plans to save $70 million in 2019 by reducing corporate expenses.

Jordan Kaplan’s $8.7 million compensation package for fiscal 2017 was composed of a base salary of $1 million, stock awards of approximately $7.7 million and other compensation of $32,490, according to the most recent SEC filings. That was up from his compensation of $7.9 million in 2016 and $7.5 million in 2015.

Kaplan joined Douglas Emmett in 1986 and currently serves as its CEO, president and a member of its board of directors.

The company has approximately 18.5 million rentable square feet of Class A office space and 3,595 apartment units in Honolulu and Southern California.

This past April, the company announced plans to build a three-story office complex that would offer 67,000 square feet of space in its Warner Center office campus in Los Angeles.

David Neithercut’s overall take-home pay in 2017 was $8.67 million. These earnings consisted of a base salary of $900,000, $6.37 million in share awards, $1.39 million in option awards and $11,166 in other compensation.

This is Neithercut’s last year at the helm of Equity Residential. The multifamily real estate company recently announced that he will be retiring at the end of 2019 after 12 years as president and CEO.

Mark Parrell, executive vice president and chief financial officer at Equity Residential, will step into its top leadership role.

According to the National Multifamily Housing Council, Equity Residential is the third-largest apartment owner in the U.S., with investment in or ownership of 307 properties consisting of 79,482 apartment units across the country. In Southern California, the company has 95 properties, according to its 2018 portfolio summary, with 23,381 units that rent at an average of $2,465.

Late last year, Equity Residential made a long-term investment in going green. The company issued $400 million in green bonds, which are expected to generate $396.7 million by the time they mature in 2028. Equity Residential plans to use those funds for sustainability-focused projects, such as the 383,000-square-foot development at 855 Brannan Street in San Francisco, the largest LEED Platinum-certified multifamily property in the city.

As president and CEO of the CBRE Group, Robert Sulentic took home a compensation package of $8.6 million in 2017. That total included a salary of $990,000, $5.1 million in stock awards, $2.5 million in nonequity incentive plan compensation and $4,500 in other compensation, according to the most recent filings available. In 2016, Sulentic took home $4.96 million, and in 2015 his total compensation was $7.7 million.

CBRE had global revenue of $21.3 billion in 2018, making it one of the world’s largest commercial real estate services and investment firms. The company has more than 450 offices (eight in Los Angeles County) and over 90,000 employees around the world.

As chair of Douglas Elliman and president and CEO of Vector Group Limited, the parent company of Elliman, Howard Lorber took home $8.4 million in 2018, down from the $10.6 million executive compensation package he received in 2017 as well as the $11.1 million he received in 2016.

With a 2018 salary of $3.2 million, $1.15 million in option awards, $3.4 million in nonequity incentive plan compensation and approximately $604,000 in all other compensation, Lorber had a decent year.

Lorber also serves as executive chair of Nathan’s Famous, vice chair of Ladenburg Thalmann Financial Services and a director of Clipper Realty.

In 2019, as a result of his cost-of-living provision, Lorber’s salary was increased to $3.299 million from $3.248 million.

Elliman has had a larger presence in Los Angeles in recent years. In 2017, the company acquired the Los Angeles-based luxury brokerage Teles Properties, making Elliman the second-largest nonfranchise brokerage firm in California. Today Elliman has 20 offices in the state, with 12 of those in Los Angeles County.

In 2018, however, Elliman was deeply affected by the overall slowdown in the residential market and saw a decrease in profits of 75 percent.

As CEO, president and chair of the board at Hudson Pacific Properties (HPP), Victor Coleman took home $6 million in compensation for fiscal 2017. This pay package consisted of a $725,000 salary, a bonus of $290,000, $3.8 million in stock awards, approximately $1.2 million in nonequity incentive plan compensation and $15,060 in other compensation.

That was up from Coleman’s take-home package of $5.6 million in 2016 but lower than the $8.9 million compensation he earned in 2015.

Coleman has been a member of HPP’s board since the company went public in 2010. Coleman founded the private real estate investment firm Hudson Capital, the predecessor to HPP.

In 2018’s fourth quarter, the company signed 75 new and renewal leases, including Technicolor’s renewal in Hollywood. Despite this, earnings were down 50 percent for the quarter. And while net income for all of 2018 was up 45 percent from 2017, revenue grew less than 1 percent, to $728.4 million. According to Coleman, however, this is all part of HPP’s growth plan, as the company expects loads of cash from leases that were put in motion at year’s end.

In 2018, CEO and president Michael Schall took home $5.4 million in total compensation from Essex Property Trust, up from his 2017 take-home pay of $4.6 million. His 2018 compensation package included a salary of $800,000, stock awards of $2.3 million, option awards of $750,023, $1.5 million as part of a nonequity incentive plan and $33,954 in other compensation.

Essex’s properties are located in the Seattle metropolitan area and Southern and Northern California. In 2017, the company acquired five communities with a total of 1,897 apartment homes for $566.8 million, the majority of which — 1,098 — were in
San Jose.

In 2018, Essex acquired two communities for $139.4 million and sold four communities. The total proceeds from those sales were $417.3 million. This year has already been an active one for Essex in the Los Angeles area. In January, the company sold a Downtown apartment building in L.A. for $220 million and continued construction of a new 200-unit apartment building in Hollywood that will include 4,700 square feet of ground floor retail space, a gym, swimming pool and roof deck. Essex broke ground on the $54 million project in 2017.

212 Fifth Avenue

Developer Robert Gladstone’s luxury condo 212 Fifth Avenue got a major boost last month when Amazon CEO Jeff Bezos closed on an $80 million deal for three units in the building.

The day news of the sale broke, Madison Equities, Gladstone’s firm, declared the 48-unit building completely sold.

Property records show that condos in the building were priced from $3.7 million — for a two-bedroom on the 12th floor — to $51.5 million for the Bezos penthouse, which he bought along with the two units beneath it.

His deal was the most expensive to date below 42nd Street, and a coup for a project marked by early turbulence.

In 2017, the building’s development team — a partnership between Madison Equities, Building and Land Technology and Thor Equities — sued  the now-shuttered brokerage Town Residential, claiming it had failed to hit sales targets. In response, Town claimed Madison withheld millions in commissions and failed to provide its staff with an adequate sales office, causing delays. The parties later reached an undisclosed settlement.

Madison brought in a sales team from Sotheby’s International Realty — led by Nikki Field, with Kevin Brown, Mara Flash Blum and Brad Ingalls — to sell the remaining units.

Field said the team took on the project at a challenging time, and that the average sale took seven and a half months between first visits and the time deals were finalized. While Field declined to confirm news reports that Bezos was behind the $80 mllion purchase, she said others in the building were “thrilled” by reports of the sale.

“It’s pretty golden to have stature of that kind at the top of that building,” she said.

Sotheby’s Jason Thomas, who represented two buyers with Sotheby’s colleagues Nick Montalbano and Ashley Reidey, said one of them had recently decided to relist their unit.

“When news broke that the world’s wealthiest individual was investing a very significant amount of capital in the building, we certainly considered it an opportunity,” he said. “That being said, the asking price for Residence 16B will reflect, but certainly not extort, Mr. Bezos’ purchase.”

“We believe that Manhattan’s ultra-luxury marketplace is as sophisticated as any on Earth, and that overly ambitious pricing is rarely rewarded,” he added, saying that even at a premium to what the original owner paid, any new owner would “possess upside” because of Bezos’ purchase.

Still, neither he nor Field expects owners to start listing units because of the Bezos deals.

More broadly, with the exception of the penthouse, prices in the building are lower than those at some of Manhattan’s priciest towers, including 432 Park Avenue, 220 Central Park South and 520 Park, where a slew of units have closed for $30 million and up. But there are a handful of high-profile owners, including a Texas billionaire, an ESPN host, JLL’s New York chief and the Kushner family.

Here is a rundown of Bezos’ neighbors, including those who shielded their identities with LLCs.

21A, 21B, penthouse
$80 million
Jeff Bezos closed this $80 million deal for the penthouse and two units beneath only months after Amazon abandoned plans to set up a headquarters in New York. The penthouse was originally listed for $68.5 million, but the price was increased to $73.8 million in 2017. Property records show it finally closed for $51.5 million. The buyer was listed only as 212 Fifth LLC. The two apartments beneath were purchased under the name Madison Square Park LLC and sold for a total of $28.45 million. Brown Harris Stevens powerbroker John Burger represented Bezos in the deal.

19AB
$28.2 million
Two adjacent units were sold to Texas billionaire Ed Bass in 2017. Best known for funding the Biosphere 2 experiment, meant to show how humans could survive in space, Bass paid $28.2 million for the units, spanning 7,100-plus square feet. The sale was closed under the name 212Nineteen LLC. Bass, with an estimated worth of $2.3 billion, made his fortune in the oil business. According to Forbes, he and his three brothers sold their oil company to ExxonMobil in 2017 for some $6.6 billion.

20A ($18.1 million), 16A ($15.7 million) and 17A ($15.6 million)
These three apartments were all bought through LLCs. Unit 20A, a four-bedroom, sold for about $18 million in 2018 to a buyer identified only as Madison Flatiron LLC. For its part, 16A was picked up in 2017 for $15.7 million, falling short of the $16.3 million listing price. Elegran Real Estate’s Nick Agostinelli, who represented the buyer, declined to identify his client, citing privacy concerns, but said, “they loved the building and they loved the finishes.” And 212 Fifth Avenue 17A LLC closed on the 4,155-square-foot 17A for $15.6 million in 2017. That unit was initially listed for $16.6 million.

15A
$14.3 million
This 4,155-square-foot condo was purchased in May by Kevin Oram — co-founder of Praesidium Investment Management — and his wife, Iliana Pappas, property records show. The $14.3 million price for the five-bedroom unit came to $3,441 per square foot. But it wasn’t the couple’s first purchase in the building. As The Real Deal reported, when they bought this unit they sold an $11.4 million condo several floors below back to the developer.

9C, 8C, 7C
$12.3 million
In 2017, TRD reported that Charles Kushner went into contract for three units on the seventh, eighth and ninth floors. But it was the real estate giant’s wife, Seryl Kushner, who signed the deeds on behalf of the Kinderlach Trust. According to Politico, the Kushners have purchased multiple properties in Manhattan that are held in the trust for their grandchildren. (“Kinderlach” means “children” in Yiddish.) The units at 212 Fifth were bought for $4.2 million, $4.1 million and $4 million, respectively.

14A ($12 million), 11A ($11.8 million) and 12A ($11.7 million)
These three units were also purchased by LLCs. The 3,009-square-foot 14A was bought by AT212 LLC for $12 million in 2018. The year before, 212 Fifth Unit 11A LLC bought 11A for $11.8 million. And the three-bedroom 12A sold for $11.7 million in 2017 after initially listing for $11.9 million. The buyer in the last of those deals was Violet Properties LLC, represented by Sousa Real Estate’s John Christopher Sousa. “Their primary objective in buying was investment,” Sousa said, adding that the unit was rented for $35,000 per month. Sousa said the owners are American and were more than happy with the attention that Bezos has brought to the address. “They’re thrilled. They’re so excited. They think it’s wonderful cachet for the building,” he said, noting that one of them is an entrepreneur.

20B
$11.25 million
In 2018, this 3,078-square-foot condo sold for its listing price of $11.25 million. Property records named the buyer as 212 Fifth 20B LLC. But the trail ends there.

4A ($11 million), 8A ($11.1 million) and 3A ($10.8 million)
The fourth-floor unit was sold in 2017 to a buyer named the Michael L. Kahn Revocable Trust Uta for $11 million. The buyer of the three-bedroom 8A dropped $11.1 million on the unit in 2017 and was listed in public records only as Shea Acquisition LLC. That same year, 212 Fifth Ave 3A LLC picked up 3A, a three-bedroom unit, for $10.8 million.

6A
$10.7 million
Priced at $10.7 million, this three-bedroom condo with distinctive park views was purchased by Yankee Dime LLC in 2017. Sotheby’s Montalbano — of the Montalbano-Reidy-Thomas Team — said his American clients, who wished to stay anonymous, bought the property as an investment and rented it for an initial price of $35,000 per month.

5A
$10.3 million
This property closed in 2017 for $10.3 million — or $3,424 per square foot. The buyer was listed as the Sung Lee Revocable Trust, whose trustee, Sung Lee, is based in Singapore.

18B
$9.4 million
Purchased by Pfizer executive Sally Susman in 2018, the condo with  roughly 3,000 square feet features hardwood floors, marble countertops and Flatiron views, according to StreetEasy. It was originally listed for $9.9 million. Susman, the pharmaceutical giant’s executive vice president and chief corporate affairs officer, confirmed the sale through her executive assistant but declined to comment further.

8B
$6.9 million
JLL’s New York chief, Peter Riguardi, purchased this unit in 2017 for $6.9 million, slightly under the $7 million asking price. Sotheby’s Field said that multiple real estate executives have bought in the building and many will be using the properties as their primary residence. Christopher Scianni, of Coleman Real Estate Group, said he showed Riguardi and his wife, Linda, a number of other properties in the area before they chose this one. “The reason we ended up in 212 Fifth was combining Linda’s desire for an old, pre-war feel and Peter’s desire for a modern condo feel,” he said.

4B
$6.6 million
ESPN host Mike Greenberg and his wife, Stacy, bought this condo in March 2017 for $6.6 million — a discount off the $7.05 million asking price. Greenberg, well known for his 2006 book, “Why My Wife Thinks I’m an Idiot,” co-hosted the popular radio show “Mike and Mike” until 2017. In 2018, a year after the sale closed, he launched an ESPN television show, “Get Up!” with Jalen Rose. Both Greenberg and the couple’s broker, Douglas Elliman’s Allison Chalfin, declined to comment.

9B
$6.6 million
Adam Alpert, who founded Disruptor Records with Sony Music, bought this three-bedroom condo in February. The unit was originally listed for $6.7 million. Alpert, 39, launched his career in 2010 co-founding DJ management company 4AM, through which he developed and managed Grammy-winning DJ duo the Chainsmokers. In 2018, Alpert was No. 76 in Billboard’s Power 100 list.

The landscape surrounding N3 Cattle Ranch Company’s main home

A massive ranch property in Northern California has hit the market for $74 million, making the the Mountain of Beverly Hills’ 157 acres still on the market look like a putting green.

But unlike that development site, this 50,500-acre property is an active working ranch owned by N3 Cattle Company, according to the Wall Street Journal. It spans four counties and about 40 miles east of Oakland, and is home to 1,500 cows and 200 miles of private roads and trails, according to the report.

Listing agent Todd Renfrew of California Outdoor Properties claims it’s the largest piece of land for sale in California.

It dwarfs even the 12,000-acre Tejon Ranch where the 19,000-home Centennial master-planned community is in the works.

The main compound on the N3 property has a four-bedroom home and there are four cabins for workers.

The terrain includes canyons, woodlands, meadows, and watersheds. Its highest point reaches 4,000 feet. Hunting cabins are spread throughout the ranch.
The property has been owned by the Naftzger family for 85 years and is being sold by two sisters, Sandra Naftgzger and Natalie Naftzger Davis, who have operated N3 Cattle Company for the last two decades.

Their grandparents purchased the first parcels for the ranch in the 1930s and 1940s, but the family has been actively ranching across California, Arizona, and Oregon since the late 1800s. Their father expanded the ranch in the 1980s. The sisters told the Journal they’re ready to move on. [WSJ] — Dennis Lynch 

A Nordstrom store (Credit: Getty Images)

The first half of 2019 was gruesome for traditional retailers. And if the first few days of July are any indication, the second half of 2019 won’t be any rosier.

Four of the S&P 500 index’s five worst performing stocks in the first half of 2019 are retail companies, according to the Wall Street Journal. For the first few days of the second half of the year, those stocks have continued to drop.

These indicators come as other legacy retail companies have shuttered thousands of stores across the country as the rise of e-commerce and online retailers have turned the industry on its head.

On Tuesday, Nordstrom lost 1.7 percent off its stock price after its rating was downgraded by UBS. At the end of June, it was listed as S&P 500’s worst performing stock.

It capped off downward pressure on other major retailers, including Macy’s, Kohl’s and Gap, which reportedly declined in the first half of the year by 1.6 percent, 1.5 percent and 0.6 percent, respectively.

Last week, reports emerged that executives at Forever 21, which has experienced a decline in performance, had approached its landlords to invest in the troubled company.

However, some retailers are defying industry trends. TJX Companies, the owner of T.J. Maxx, Marshall’s and Home Goods, has recorded an 18 percent share price hike for the year, a factor reportedly driven by resiliency in the discount store market. [WSJ] — David Jeans 

David Geffen and the view from his new Beverly Hills development property

Another mega mansion may in the works now that entertainment mogul David Geffen has purchased one of the last buildable lots in Beverly Hills’ so-called “Billionaires Row.”
Geffen paid $30 million for a 1-acre property that first listed for $39 million about a year ago, according to the Los Angeles Times. The property offers sweeping views, from Downtown to the Pacific Ocean.

It sits among some of the more extravagant spec homes in Beverly Hills and itself comes with plans for a 24,500-square-foot modern-style mansion designed by architectural firm Shubin Donaldson.

Nile Niami’s Opus spec mansion sits across the street — still unsold — asking $60 million. Down the block stands a Bruce Makowsky-built mansion that sold to Minecraft creator Markus Persson in 2014 for $70 million.

For Geffen’s property, the Donaldson firm-designed home would have seven bedrooms, 14 bathrooms and that’s just the beginning. The plan includes a bowling alley, nightclub, bar, theater, salon, gym, and a 140-foot swimming pool running the length of the home, according to the Times.

Since last summer, at least 317 acres in Beverly Hills and Bel Air alone have hit the market, seeking more than $1 billion combined, according to a property review by The Real Deal in March.

Geffen — whose net worth is around $8.6 billion, according to Forbes — has owned several properties in the L.A. region over the years. In 2017, he sold two beachfront homes in Carbon Beach for $85 million and $8 million.

Also a prominent philanthropist, Geffen also pledged in 2017 to donate $150 million toward a new building at the L.A. County Museum of Art. The museum is planning a $650 million expansion, and has received some star-studded support from the likes of Brad Pitt and Diane Keaton. [LAT] — Dennis Lynch 

From left: Assemblyman David Chiu, Assemblyman Rob Bonta, and Assemblyman Tim Grayson

In the continuing battle over statewide tenant protections, legislators have added “just cause” evictions to an existing rent control bill that would impose a cap on future rent increases.

Assemblyman David Ciu, a San Francisco Democrat, said the protections are aimed at preventing “predatory evictions,” which he said add to the growing homeless crisis.

Assembly Bill 1481, which died in May, would have required landlords to provide an approved reason, or “just cause” — such as failing to pay rent or breaking the lease agreement — to a third-party before proceedings could start.

Now, that measure is being tacked onto the larger rent bill, AB 1482, which passed the Assembly in May and is expected to be taken up by a state Senate committee next week. AB 1482 would cap rent increases at 7 percent per year plus inflation.

The California Apartment Association has opposed both bills, and said eviction protections make it harder for landlords to remove bad tenants. Spokesman Mike Meneth told the Register that the measures will give investors more reasons to move their development projects out of California.

AB 1482 is lawmakers’ answer to last November’s failed Proposition 10 referendum, which would have opened the door to greater rent control measures statewide, but which was strongly opposed by the real estate industry. Several cities have since taken matters into their own hands and imposed rent hike freeze and rent control measures, including in Inglewood.

Another version of Prop 10 is also being circulated for signatures for the next ballot. [OC Register] — Gregory Cornfield

Garth Ritchie (Credit: Getty Images)

The head of Deutsche Bank’s investment-banking arm is stepping down in what appears to be the beginning of a major shakeup at the embattled German bank.

Deutsche Bank announced in a statement Friday that Garth Ritchie will leave the bank at the end of the month, Bloomberg reported.

Ritchie, 51, took over as head of the investment-banking division last year, but during that time he was the subject of criticism. He and another Deutsche board member, chief regulatory officer Sylvie Matherat, got the lowest approval vote at Deutsche Bank’s annual general meeting. German prosecutors had also named Ritchie as one of many suspects in an alleged tax fraud scheme.

The New York Times reported in March that Deutsche used Trump Organization projects to build its investment-banking business. The bank is now the subject of two congressional investigations and the New York attorney general for loans issued to the Trump Organization.

Deutsche chairman Paul Achleitner said in a statement released Friday that Ritchie helped “Deutsche Bank to weather an extremely challenging period and we wish him all the best for the future.”

Deutsche Bank CEO Christian Sewing will take over as head of the investment-banking group, according to a bank statement, which added that further leadership changes will “follow in due course.”

The bank is considering laying off as many as 20,000 workers and shuttering entire divisions on Wall Street, the Wall Street Journal reported last week.

Deutsche was the top commercial real estate lender in New York City from October 2016 through September 2017, according to a ranking by The Real Deal. The bank lent $8.84 billion on Big Apple property and construction projects during that time. Wells Fargo, the city’s second-largest lender, issued $7.94 billion in loans during that time. [Bloomberg] — Rich Bockmann

Clockwise from top left: 522 21st Place, 405 S. Sierra Bonita Avenue, 211 Elm and 31042 Broad Beach Road

The top five homes listed this week in Los Angeles County combined for close to $38 million, a relatively modest sum given Monday’s record-breaking sale in Holmby Hills. In that deal, Spelling Manor traded for $120 million, the most expensive residential sale in the county ever.

But the L.A. high-end housing market has been mostly stuck in neutral in recent months amid a nationwide cooldown.

The homes that hit the market this week are spread throughout the usual tony neighborhoods, including areas like Beverly Hills’ Trousdale Estates and Malibu. The data is from the Multiple Listings Service.

1910 Loma Vista Drive | Beverly Hills | $10 million
The most recently listed home hit the market on Friday, after construction was completed this year. The home in the Trousdale Estates spans 6,650 square feet with five bedrooms and seven bathrooms. The gated lot is close to 32,900 square feet and includes an infinity pool. It’s listed with the homebuilder Thomas James Homes. The firm purchased the property for $5.5 million in 2015.

31042 Broad Beach Road | Malibu | $9 million
A beachside home in Malibu hit the market, owned by a trust that belongs to Walter Hill, Gottlied Hill and Loring Ward Inc. The home on Broad Beach Road spans 3,050 square feet with five bedrooms and five bathrooms. The 13,100-square-foot property includes a lounging deck with a hot tub and gated access to the beach. It last sold for $7 million in 2005. Christopher Cortazzo with Coldwell Banker Residential Brokerage has the listing.

211 Elm | Century City | $6.53 million
A condo unit in one of the two 44-story towers in the Tower Residences at Century Plaza has hit the market. The towers were designed by Pei Cobb Freed, and include 24-hour resident services, a pool, a fitness center, a spa, a screening room, among others. The 2,940-square-foot condo unit has two bedrooms, two-and-a-half bathrooms, a media room, and a private terrace. Mary Ann Osborn with Next Century Realty has the listing.

522 21st Place | Santa Monica | $6.4 million
The 6,300-square-foot property includes six bedrooms and five-and-a-half bathrooms. The home also includes a pool and spa. It’s owned by a trust that belongs to David and Stacy Pineles Bolno, who purchased the home for $5.5 million in 2014. The 9,000-square-foot lot is listed with David Offer with Berkshire Hathaway HomeServices.

405 S. Sierra Bonita Avenue | Pasadena | $5.9 million
This 5,200-square-foot Colonial Revival home was built in 1923 by L.C. Brookway. It includes five bedrooms, five bathrooms, and a music room. The property also features a 1,000-square-foot guesthouse, infinity pool and tennis court, all of which were added in 2016. It is owned by a trust that belongs to attorney James Asperger. Brent Chang with Compass holds the listing.