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April 29, 2024
Rob Report


A West Hollywood Penthouse Just Sold for $24 Million, One of L.A.’s Biggest Condo Deals in Years


8899 Beverly, one of L.A.’s most lavish new residential buildings, has been much in the news lately. Just days ago, actor Matt Damon paid $8.6 million for a two-bedroom pied-a-terre on the building’s fourth floor, one level below the new $9 million condo of Comcast CEO Brian Roberts.

Now comes word that the development—completed in 2022, designed by prestigious architectural firm Olson Kundig, and reportedly the tallest residential building in West Hollywood—has scored one of SoCal’s highest-priced condo sales in years. On the building’s top floor, the so-called Penthouse East has sold for $24 million, among the most ever paid in a Los Angeles condo complex. The unit, equipped with unobstructed views of the city and mountains, offers four bedrooms and five bathrooms in just under 6,500 square feet of living space.

For the record, the highest-priced condo sale in L.A. history was inked nearly 15 years ago, when Candy Spelling paid $35 million for her mansion-sized duplex penthouse at The Century building, though that penthouse sports more than 15,000 square feet of living space.

People involved with the 8899 Beverly sale declined to disclose the buyer’s identity, but public records indicate the new owner is Tom Coates, a somewhat low-profile San Francisco businessman who is a managing director at Jackson Square Properties, a real estate firm that owns dozens of apartment complexes and mobile home communities in Northern and Southern California.

Coates’s new residence is a treasure trove of bespoke details, featuring 14-foot ceilings with custom wood paneling and handcrafted design. Floor-to-ceiling imported walls of glass features panels that slide open at the touch of a button, blurring the line between indoors and out. And outside, a 2,000-square-foot wraparound terrace is clad in travertine imported from Italy. The open kitchen flaunts top-of-the-line cabinetry and appliances, and the unit has a separate entrance and “service corridor” for the owner’s staff members and vendors, per the listing.

The penthouse also includes HOA dues of $11,295 per month, which covers five-star lifestyle services including 24/7 concierge and valet services, a state-of-the-art gym and an outdoor swimming pool, spa, fireplaces and a kitchen. Also on the premises is Stella West Hollywood, a high-end Italian restaurant, and the development is walking distance from dozens of other restaurants and shops, plus a five-minute drive to Beverly Hills.

The 8899 Beverly development includes 40 lavish condos with prices starting at about $5 million. On the building’s ground floor are also 15 affordable-housing rental residences, with monthly rental fees capped by market rates.

Michelle Montany and Taaseen Qureshi of The Agency New Development held the listing; Mauricio Umansky of The Agency repped the buyer.

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Condo Sells for Record-Breaking $24 Million in L.A.

A luxury condo in West Hollywood was just sold for $24 million, making it the most expensive condo in Los Angeles history. How much would you spend on a condo? One buyer says $24 million.  A penthouse condominium at 8899 Beverly Boulevard just sold for $24 million — the highest priced condo in L.A. area […]

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