Crypto Billionaire Pays $83 Million for Pacific Palisades Mansion

Olaf Carlson-Wee Home

Residential sales records on the Westside of Los Angeles have recently been broken, as a mansion in a hilltop location in Los Angeles has sold for a whopping $83 million. It is also the second-most expensive property listed in California in 2021. The only other property that has sold for a higher price tag is an estate in Malibu that sold in February for $87 million. Here is a closer look at the hilltop Los Angeles property and what made it worth its $83 million asking price.

Olaf Carlson-Wee Home

An Overview of the Pacific Palisades Mansion

The hilltop mansion was built in 2020 by Ardie Tavangarian, a developer who is known for redeveloping aging properties and for his modern architectural constructions, says Luxury Architecture. The developer paid $7.3 million for the one-acre plot on a promontory in 2013. It is a 20,000-square-foot property set in a cul-de-sac in a hilltop position in the Pacific Palisades Riviera neighborhood, overlooking Los Angeles. The leafy neighborhood is home to many other celebrities, including Rita Wilson, Tom Hanks, Sam Harris, and financier Matt Barret. It has a unique modern design with a wooden exterior, curved walls, irregular levels and is set amongst unusual water features that give the impression the property is floating. The six-bedroom, 18-bathroom mansion sits in one acre of landscaped grounds. It is the largest and grandest property built by Tavangarian so far, and the costs of the build were probably astronomical. However, it is not the first megamansion the developer has sold to a billionaire. In 2017, Tavangarian sold an impressive Bel Air mansion to Liang ‘Johnson’ Zhang, a Chinese heir, for $75 million. It was also reported that the developer paid $61.9 to buy four properties from billionaire Elon Musk in 2020. Although the estate was never officially listed, it is suggested that it appeared briefly as a pocket listing with an asking price of $88 million. It was then put forward as a rental property at the beginning of the COVID-19 pandemic, and the rental asking price was a staggering $350,000 a month. The Pacific Palisades mansion has now been sold for lower than its original asking price, but $83 million is still an impressive figure. Although the new owner’s identity has not been revealed, sources say that it is a cryptocurrency billionaire who has splashed out on the pad. While tycoons who have made their money through cryptocurrency are relatively new on the scene, the buyer of the Pacific Palisades mansion is far from the first cryptocurrency billionaire to splash out on a luxurious residence in California. There are estimates that 12 people are now billionaires from cryptocurrency. Olaf Carlson-Wee was the first employee at Coinbase, and he paid $28.5 million for a mansion in Hollywood Hills in May. In the same month, cryptocurrency investor Jeffrey Feinberg spent $44 million on a luxurious pad in Brentwood. The previous year, bitcoin billionaire Josh Jones dropped $25.8 million on a brand-new estate, also in Brentwood.

Olaf Carlson-Wee Home

Inside the Pacific Palisades Mansion

There are wooden flooring, floor-to-ceiling windows, sliding doors that connect to the outdoor space, smart home features, and various homely touches throughout the property. A great room is the main living space in the property, and this huge space has a seating area at one end of the room and a dining room at the other. From this room, sliding doors lead to the adjoining patio area. Additional living space is available in the family room, which has a cozier feel. Like many luxurious mansions, the kitchen is one of the most eye-catching rooms on the property. Although the floor and ceiling are wood-paneled, the main material in the kitchen is stone, which has a dramatic visual effect. The kitchen features an unusual horseshoe-shaped island that is raised on rugged layers of stone and has stone bar stools for informal dining.

Olaf Carlson-Wee Home

The number of bathrooms to bedrooms is disproportionate in this property, as there are six of the latter to 18 of the former. Each of the bedrooms and bathrooms is fitted to the highest standard, as you would expect in a property with this price tag. In the master suite, there is an impressive amount of space to accommodate both a bed and a seating area. The master suite also comes with one of the residence’s 18 bathrooms. Another feature of the master retreat is the spacious private balcony, which overlooks the gardens and has enough room for both seating and dining areas. However, its most impressive feature is the retractable ceiling, so the new homeowner can watch the stars as they lie in bed. There is also plenty of space within the house for leisure and entertainment. It comes equipped with a home movie theater with a curtained screen and a flashy bar area with a neon turquoise countertop.

Olaf Carlson-Wee Home

The Grounds of the Estate

The substantial one-acre grounds of the estate are set around three sides of the house, and no matter where you stand on the property, there are views across the surrounding hillsides or over Los Angeles. A theme across much of the outdoor space is water, as bodies of water in various forms surround the property. There are shallow, rectangular ponds with modern water features that reflect images of the house and the trees, along with an infinity-edged pool that makes the most of the views. There are also various spots around the ground for dining, lounging, and entertaining that are set amidst the hedges, lawns, and various water features. A tunnel-shaped wooden pod sits at one end of the garden on a raised patio area, and this is kitted out with an L-shaped sofa and a firepit. Another raised patio area with furniture for lounging is set amongst hedges on two sides and water on the other two sides. Central to the patio is a mature tree. Furthermore, there is a spa, a sauna room, several cabanas, and multiple outdoor loggias surrounding the property, says Dirt.com. The new homeowner will have no problem parking securely as there is a garage that features a car turntable that doubles as a dancefloor. Additional parking is available to the front of the property, which is equally secure as the house is fitted with state-of-the-art security systems.

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