July 29, 2025

Beverly Hills Luxury Market Sees High-End Property Activity

News Summary

In a notable real estate transaction, actor Mark Wahlberg sold his luxurious Beverly Hills mansion for $55 million before it was flipped by Paris Hilton for $63 million. Initially listed at $87.5 million, the sale came amidst market pressures and the introduction of a mansion tax in Los Angeles. The property, covering 30,500 square feet, reflects the strength of the luxury real estate market in the area, driven by demand from fire-affected buyers and foreign investors. Recent trends indicate high demand for ultra-luxury homes in Southern California.

Beverly Hills, California: High-End Property Transactions Highlight Robust Luxury Market in June 2023

Mark Wahlberg’s Beverly Hills Mansion Sells for $55 Million After Price Reduction

In a notable real estate transaction in Beverly Hills, actor Mark Wahlberg sold his sprawling mansion in 2023 for $55 million. The property, which initially listed for $87.5 million, was purchased less than the asking price, partly to avoid an impending mansion tax imposed by Los Angeles authorities. The mansion covers approximately 30,500 square feet and features luxury amenities typical of high-end estate listings.

Shortly after Wahlberg’s sale, the property was flipped for $63 million, generating a profit despite the mansion tax. The new owners are Paris Hilton and her husband, Carter Reum. The sale underscores the resilience of the luxury housing market in Los Angeles, with demand remaining high despite aggressive price cuts and tax considerations.

Market Dynamics and Buyer Demographics in Los Angeles

Los Angeles’ real estate market continues to thrive, with June 2023 recording significant sales activity across the luxury segment. Data indicate that five out of the top ten most expensive homes sold in June were located in California, including multiple properties in Beverly Hills, Bel Air, and Atherton. This trend highlights California’s dominance in high-value real estate transactions.

Real estate agents report that a significant portion of recent sales is driven by fire-displaced buyers from Malibu, especially those seeking replacement properties after wildfires destroyed their previous homes. Additionally, there is increasing demand from foreign investors, particularly buyers from China, who view Los Angeles real estate as a stable investment and a residence option. Agents note that this demand is contributing to sustained price levels in the luxury market.

High-Profile Listings and Notable Transactions

Among high-value listings, agents are currently showcasing properties such as a $118 million estate on Bel Air Road and a $68 million property on Flicker Way. Recent off-market sales include a $60 million property sold privately, further indicating active buying activity at the upper end of the market.

Another notable transaction involves Richard Saghian, CEO of Fashion Nova, who purchased a $32 million LA property. The buyer plans to use the home temporarily while upgrading his Bel Air megamansion, known as The One. This estate, which spans over 100,000 square feet, was acquired at auction for $126 million in 2022.

Florida’s Luxury Market and Beverly Hills Estate Opportunities

Luxury real estate in Florida also experienced robust activity in June, with notable sales including a $38.8 million property in Palm Beach. The Sunshine State remains a popular destination for high-net-worth individuals seeking premium properties.

In Beverly Hills, a historic estate once owned by Cary Grant has been transformed into a 15,700-square-foot mansion listed for $77.5 million. Originally purchased in 1946 for roughly $46,000, the estate was demolished and rebuilt, completed in 2022, featuring seven bedrooms, 13 bathrooms, a 52-foot pool, tennis court, and a climate-controlled wine room. The property offers expansive outdoor terraces and panoramic views of the city and ocean.

The estate is currently on the market for sale, with the owners, Grant’s widow Barbara and her husband David Jaynes, seeking to downsize. The property’s architecture and amenities are described as modern, with previous estate features including outdoor terraces and extensive view corridors that have been enhanced in the newly constructed mansion.

Market Outlook and Broader Industry Trends

The ongoing activity in Beverly Hills and surrounding areas reflects a resilient luxury real estate market, driven by high-net-worth investors, foreign buyers, and those displaced by natural disasters. The market remains competitive with significant listings and transactions, despite rising interest rates and taxation policies aimed at cooling the market.

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Author: STAFF HERE MILWAUKEE WRITER

MILWAUKEE STAFF WRITER The MILWAUKEE STAFF WRITER represents the experienced team at HEREMilwaukee.com, your go-to source for actionable local news and information in Milwaukee, Milwaukee County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Summerfest, Milwaukee Film Festival, and the Milwaukee Boat Show. Our coverage extends to key organizations like the Metropolitan Milwaukee Association of Commerce and Visit Milwaukee, plus leading businesses in manufacturing and brewing that power the local economy such as Harley-Davidson and MillerCoors. As part of the broader HERE network, we provide comprehensive, credible insights into Wisconsin's dynamic landscape.

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