The property, sold by developer Adnan Sen, first hit the market for $39.9M in 2020. It includes a 9-bedroom main house, 1-bedroom guesthouse, a pool and a 10-car gallery garage
The off-market sale is a highlight for greater LA's luxury market, which has slowed in the last year in response to market shifts, interest rates and new luxury taxes
J. Michael Issa of B. Riley Financial is alleging in a lawsuit filed in LA Superior Court last month that the city reneged on its word that permits on the property's building site were still active
The LA developer is being forced to sell the 27-acre site, slated for an elaborate mega mansion, after a creditor tried to foreclose on the property and Hadid filed a bankruptcy petition