Real Estate

Bel Air mansion flops at auction after being listed at $87.8 million

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An over-the-top modern mansion in Bel Air was listed for $87.8 million for an auction this week. But the highest bid came in just under $45.8 million, according to the home’s seller, dermatologist-turned-developer Alex Khadavi.

“Horrible, Horrible, Horrible!” was how Khadavi characterized the auction results to CNBC. He filed for Chapter 11 bankruptcy protection two weeks after putting the home on the market last year.

Despite flashy amenities such as a stealth DJ booth that rises out of the living room floor by hydraulics, a black marble-clad car gallery and a glass and marble bridge suspended above the foyer, the auction for the property in the luxury Los Angeles neighborhood failed to…



Source cnbc.com

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