Los Angeles’ luxury real estate market continues to thrive, propelled by high-profile deals and a surge in demand from both domestic and international buyers. One of the most significant sales this year involved Paris Hilton and her husband, Carter Reum, purchasing a Beverly Hills mansion for $63 million. This acquisition, which was previously owned by actor Mark Wahlberg, highlights the enduring appeal of the LA market despite ongoing challenges such as the recent wildfires.
The $63 million deal for the sprawling Beverly Hills property, which was initially listed for $87.5 million, marks a significant win for the sellers, even after accounting for LA’s mansion tax. This sale was part of a larger trend that saw Los Angeles dominate the list of the top 10 most expensive homes sold in June, with five of the ten properties located in California. Three of these were in Beverly Hills, with one in Bel Air and another in Atherton.
Nicole Plaxen, a prominent agent with The Beverly Hills Estates, emphasized that buyers displaced by the wildfires continue to drive the luxury market. These buyers are seeking properties in safer neighborhoods, while international buyers, particularly from China, are returning in full force. “We’ve been showing every single day nonstop,” said Plaxen, whose listings in Bel Air have garnered significant attention. Her properties, including a $118 million mansion on Bel Air Road, are seeing strong interest.
In addition to fire-displaced buyers and international investors, high-net-worth individuals continue to make bold moves in the LA market. Plaxen recently facilitated a sale of a $32 million spec home to Richard Saghian, the CEO of Fashion Nova. Saghian, who previously purchased the massive Bel Air mansion known as “The One” for $126 million, is making substantial improvements to his new property. This trend of major transactions shows no signs of slowing down, with more high-end listings entering the market and serious buyers ready to make purchases.
Despite fierce competition from markets like Florida, which also saw multiple high-end sales in June, Los Angeles remains a sought-after destination for luxury real estate. With the city’s unique blend of allure and exclusivity, the luxury market in LA is positioned for continued growth.
