Final November, a residential compound in L.A.’s Venice neighborhood quietly transferred for $8.5 million. Whereas it went down with out fanfare, the deal is well the realm’s largest of the final two years and one of many largest residential transactions ever inked in Venice, if not fairly record-breaking.
As a result of the property was by no means publicly provided on the market, itemizing pictures and precise specs are just about nonexistent. However the home and its homeowners had been featured in a 2017 L.A. Times article that features a bounty of shiny pictures framing the strikingly unconventional residence, which is about as unconventional — for an $8.5 million Westside house — as one is liable to search out.
Constructed by native realtor Tiffany Rochelle and her husband, restaurateur Paul Hibler (Venice’s Superba Meals + Bread, the L.A. chain Pitfire Pizza), the two-structure compound was designed by wHY Structure’s Kulapat Yantrasast and changed a “dilapidated Venice bungalow” that sprawled over a uncommon double-wide lot. Information present Rochelle purchased the property in 2012 for precisely $2 million; the basically all-new house was accomplished in 2016.
Sited on a fairly, pedestrians-only stroll avenue in central Venice, the two-story fundamental home presents about 3,100 sq. toes of dwelling area with 4 bedrooms, all of them positioned upstairs. The abode is a “collection of contrasts,” in accordance with Yantrasast — its decrease stage has an austere, vaguely industrial vibe with a mixture of concrete and glass; the higher flooring has heat tones, with hardwood flooring and colourful tile.
Unusually for a stroll street-fronting home, the property doesn’t sit hidden behind a privateness hedge or a big wall. Fairly, the house was designed to be open, making a communal ambiance with its neighbors. Any passersby can look straight into the house’s glass-clad first flooring, although there are retractable drapes for when extra privateness is required. There’s additionally an open kitchen with two islands, a eating space, an workplace and a lounge on the primary stage. Most notably, the home doesn’t characteristic a standard entrance door — informal glass sliders solely right here, including to the casual vibe of the property.
Behind the primary home, a big farmhouse-style accent constructing supplies storage area for 4 vehicles — extremely uncommon in tightly-packed Venice — plus two visitor rooms that can be utilized as places of work, space for storing or studios for artwork and music. Tucked between the 2 buildings is a petite, principally hardscaped open-air courtyard with a plunge pool and spa, plus a pizza oven and built-in seating space partially wrapped round a firepit.
The $8.5 million purchaser is Samar Alghanim, the one daughter of billionaire Kutayba Alghanim, he the high-profile industrialist that has sometimes been ranked as Kuwait’s richest man. The elder Alghanim is chairman of Alghanim Industries, one of many largest privately-owned conglomerates within the Center East, and thru it controls dozens of companies. Amongst different ventures, Alghanim owns the Center East franchise rights to Wendy’s eating places, and he was the primary to promote GM vehicles in Kuwait.
Kutayba Alghanim additionally owns Samar, a 252-foot, $100 million superyacht that’s currently for sale, in accordance with SuperYacht Instances. (Alghanim has already changed it along with his new, 354-foot ZoZa superyacht, naturally.)
Samar Alghanim shouldn’t be new to the Venice neighborhood; data present she additionally owns a magnificence provide enterprise on hectic Lincoln Boulevard, the realm’s fundamental thoroughfare. And her household is actually not new to L.A. — her uncle, billionaire Bassam Alghanim, has lengthy been certainly one of Bel Air’s largest landowners. Information present his ever-swelling, 10-parcel L.A. compound now spans greater than 21 acres. And the newest addition to his property assortment got here simply final 12 months, when he paid $8.6 million for “Ladies Gone Wild” founder Joe Francis’ Bel Air mansion.