Left: The 6 brokers; Right: Howard Shore (Shore Capital) and the Stradella property
London entrepreneur Howard Shore, the founder and executive chairman of Shore Capital Group, has purchased a Paul McClean-designed Bel Air spec mansion for $39 million, The Real Deal has learned.
The sellers of the 14,200-square-foot property on Stradella Road were Jonathan Adler and Jill Englanoff, according to a source familiar with the deal who was not actively involved. The duo bought the property for $5.1 million in 2012, records show, with the intention of developing the estate.
The property on Stradella Road
The result of their efforts — a seven-bedroom,11-bathroom contemporary — was completed in 2014. The home has an open floor plan and features collapsible glass walls, a 3,300-square-foot lawn and a 90-foot infinity pool. Fendi designed the home’s chandeliers, as well as some of its furniture and rugs.
The most recent listing price for the property was $48 million, though it went on and off the market for roughly two years with asks as high as $55 million.
The long list of brokers and brokerages on the deal reads like a Who’s Who of residential real estate. The property was listed by Ben Bacal of Rodeo Realty; Brandon Williams and Rayni Williams of Hilton & Hyland; Mauricio Umansky of the Agency; and Jade Mills of Coldwell Banker. Fred Bernstein of Westside Estate Agency represented Shore.
The property on Stradella Road
The gated mansion, set back by a guarded driveway, is deep in celebrity territory. It is a “rock’s throw” away from Jennifer Aniston’s house, which sits behind it, a source told TRD. Clint Eastwood owns a neighboring property on one side, while Margie Perenchio, the producer and ex-wife of billionaire Jerry Perenchio, lives on the other side, the source said. Just up the street is Nile Niami’s $500 million spec home.
Bacal produced an elaborate video to advertise the property — which he said caught the attention of the buyer and influenced the sale. In the video, two young siblings fake being sick to have a day of luxurious fun on the massive property. They swim in its absurdly large pool, play golf on its oversized lawn, and steal their parents’ Ferrari from its garage. The estate’s dramatic views of the city are flamboyantly showcased.
The value of luxury spec homes is largely subjective, but many, like the Stradella mansion, fall in the $20 million to $40 million range. A slightly smaller spec estate in Holmby Hills just closed for an identical price of $39 million, a source told TRD. In June, a spec mansion built in 2003 at 10664 Bellagio Road in Bel Air sold for $34.9 million. Last month, “Full House” creator Jeff Franklin recently sold his Hollywood Hills West spec house on Collingwood Place for $20.2 million.
“There are a lot of spec homes being built but they come on the market in a very staggered way,” Bacal said, citing the time it takes for construction in addition to the lengthy approvals process. “It’s hard to build these houses.”