- 1108 Wallace Ridge in the Trousdale Estates section of Beverly Hills hit the market with an asking price of $65 million.
- The developer bought a $15 million home in 2014 and bulldozed it to build the new residence.
- The 18,000-square-foot home unfolds over two levels with seven bedrooms and 14 baths.
The mansion at 1108 Wallace Ridge in Beverly Hills, California is 18,000 square feet and unfolds over two levels.Mark Angeles
It took six years for this $65 million megahome to rise up on a ridge in Los Angeles.
Back in 2014, an outdated mansion sat on the half-acre lot at 1108 Wallace Ridge. It was on the market with an asking price of $18 million. Like many of the potential buyers who saw the Beverly Hills listing, developer Michael Chen loved the site, but he saw no value in the 6,300-square-foot house on the property.
"It was a tear-down," Chen said.
Nonetheless, the developer and his investor were drawn to it. The property is in the exclusive Trousdale Estates section of the 90210 ZIP code — an area Chen was betting would see a dramatic increase in value. So Chen and his partner pulled the trigger and bought the property for $15 million. They paid almost $2,400 per square foot for a four-bedroom home they planned to bulldoze.
Floor-to-ceiling windows in the great room disappear into the wall to reveal the residence's "front-row view" of Century City.Mark Angeles
"The main decision-making to buy this lot was that it was a front-row view property with one of the only daylight basements in Trousdale," Chen said.
The entertainment and pool area located in the residence's sun-drenched lower-level.Mark Angeles
The opportunity to rebuild with a sun-drenched basement was important, Chen said, because in this part of Beverly Hills, home heights are strictly limited to 14 feet.
While he couldn't build above the height restriction, he said, he was clear to build below ground level. And since the site sits on an elevated ridge overlooking Century City, the basement could have a wall of windows and impressive views of the skyline. In other words, the new basement level wouldn't look or feel like a basement at all.
The pool is located on the lower level of the home, which is partially subterranean.Mark Angeles
Building a much larger lower level could add valuable square footage — and millions of dollars in value — to the new residence.
The objective with the redesign was to maximize the new home's views, square footage and curb appeal.
A stone walkway extends across a water feature and leads to the home's entryway.Joe Bryant
Tens of millions of dollars later, the new residence is a whopping 18,000 square feet — almost three times the size of the original home. Its ultra-luxe modern design is a symphony of glass, stone and vertical louvers with seven bedrooms and 14 baths.
The owner's suite includes an outdoor terrace and hot tub.Mark Angeles
Chen originally built the home for his investor and himself to enjoy as a vacation property for a few years and eventually sell when the timing was right.
The bath in the owner's suite is clad in book-matched white marble with an oval tub.Mark Angeles
"If we were building as spec, we wouldn't have spent as much money as we did," said Chen.
The developer won't reveal exactly how much it cost to build, but he claims it's in the "tens of millions."
The home's main kitchen includes a 16-foot island wrapped in leathered marble.Mark Angeles
By the time the home was finished in the second quarter of this year, luxury home sales — a category that starts at $8.8 million — in Los Angeles were averaging $2,078 per square foot. During the three-month period, 112 luxury home sales were sold, up 138% from the second quarter of 2020, according to the Elliman Report. The properties were averaging 89 days on the market.
A view of the infinity pool and lower level entertainment area.Mark Angeles
Those market conditions persuaded Chen and his partner to abandon plans to use the home as a vacation property. Instead, the pair put it up for sale in April, represented by real estate brokers Aaron Kirman of Compass, and Adam Rosenfeld at the Agency RE.
"Timing-wise it was a good time to sell," Chen said.
In the middle of a global pandemic, 1108 Wallace Ridge hit the market for $65 million. That's about $3,600 per square foot — and a $40 million premium over its 2014 price.
A view of the great room.Douglas Friedman
Here's a look around one of the most expensive new homes for sale in Beverly Hills.
A spiral staircase ascends from the lower level.Douglas Friedman
A spiral staircase covered in Venetian plaster and marble steps leads to the lower level.
The home's interior courtyard features a 150-year-old olive tree.Douglas Friedman
At the center of the lower level is a 150-year-old olive tree imported from Tuscany. Chen said the tree's installation required a 110-ton crane and 15-person crew.
Infinity poolMark Angeles
The infinity pool on this level includes a lap pool and views of Century City.
The home's wellness center offers several ways to unwind.Mark Angeles
The home's wellness center includes a glass-enclosed steam room, sauna and massage table.
A view of the bar on the home's lower level.Douglas Friedman
The entertainment area on the lower level features a stone bar.
The home's dining room offers an amazing view.Douglas Friedman
The dining room sits atop a marble bridge above a waterfall and overlooks the olive tree growing in the courtyard.
One of the residence's two identical powder rooms.Mark Angeles
Among the 14 bathrooms are two identical powder rooms covered in Venetian plaster and a designer sink that appears to peel open from the wall.
The spacious cinema room.Douglas Friedman
The home's 4K ultra HD screening room seats 24.
The wine cellar.
The wine cellar and tasting room includes storage for more than 2,000 bottles.
The butlers kitchen features a 16-burner Viking stove.
The butler's kitchen has four ovens, three sinks, a stove top with 18 burners and a separate entrance for staff.