It took Alon Abady two days to try to recoup his investment after buying a Paul McLean-designed mansion in Beverly Hills for $17 million.
Within 48 hours of purchasing the 11,200-square-foot mansion at 1357 Laurel Way, the co-managing partner of locally based Waterfall Bridge Capital put it on the rental market for $125,000 a month, according to the Robb Report.
Abady, who sold several top-priced houses in the market during the last year including one to Justin Bieber, bought the five-bedroom, nine-bathroom home on March 25, for $1,514 per square foot, according to Zillow.
The sellers were conservationists Dan and Susan Gottlieb, who bought the contemporary hillside home in 2019 for $18 million, or $1,604 per square foot.
Almost immediately, Abady hoisted it onto the rental market.
The three-story, split-level house, completed in 2019, is clad in glass and stone, its interior sheathed in travertine and wood. A bridge entryway overlooks a lounge flanked by a living wall and pool surrounding a tree sculpture.
Highlights include a wet bar and game room, tiered movie theater, fitness studio with a sauna and a six-car garage.
A formal living room has a linear fireplace, bar and walls of glass. A family room and dining area connect to a gourmet kitchen with dual islands and top appliances.
There’s also a glass-lined master bedroom with a fireside sitting area, walk-in closet and luxe bath with an oval soaking tub and large glass-encased shower. The bedroom and balcony have views overlooking Los Angeles and the Pacific Ocean.
The half-acre grounds include an infinity-edge pool with a spa and a sunken fire pit.
The listing was held by brokers Ernie Carswell of Douglas Elliman and Lea Porter of The Beverly Hills Estates. Brokers Branden Williams and Rayni Williams of Beverly Hills Estates represented the buyer. Rayni Williams now serves as the rental listing agent.
Last year, Abady flipped Simon Cowell’s former mansion at 717 North Palm for $33.6 million, in one of the priciest deals south of Sunset Boulevard. Abady paid $25 million for the property in 2020.
Abady also sold a Coachella Valley estate in The Madison Club to Justin Bieber and his wife Hailey for $16.6 million, according to Robb. Abady paid $6.3 million in 2019.
In January, a limited liability company managed by Abady sold a 10,000-square-foot mansion at 910 North Alpine Drive in Beverly Hills for $24 million, or $2,315 per square foot, according to The Real Deal.
In March of last year, Abady bought a 250,000-square-foot, vacant office building in Pico-Robertson for around $35 million, or $140 a square foot, just days before the City of L.A.’s new transfer tax went into effect, TRD reported.
— Dana Bartholomew
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