Beverly Hills home of late Saudi billionaire sells for $24.5 million – DIRT

In the summer of 2020, less than two months after his death, the towering Los Angeles estate of Sheikh Saleh Abdullah Kamel hit the market, to much fanfare, with a thud of $32.5 million. Nearly two years later and a change of realtors later, the nearly seven-acre expanse has finally sold, albeit for a significantly reduced price of $24.5 million. Records reveal the new owner is John Simonian, the Lebanese-born property investor and founder of a high-end watch retailer Westtime. In addition to the newly acquired Kamel complex, Simonian already owns two other Beverly Park estates: a $32 million mansion and a $15 million vacant lot.

Born in Mecca in the early 1940s, Kamel rose from humble beginnings to become one of the richest businessmen in the Arab world. He was primarily a banker and financier, although through various holding companies he controlled a wide range of businesses operating in the real estate, healthcare, logistics and manufacturing sectors. At the time of his death, the 79-year-old would have been a multiple billionaire.

One of Kamel’s most notable American assets was his 90210 mansion, located in Beverly Park, arguably the most prestigious gated community in the Los Angeles area. Custom-built in 2000 for mathematician Norman Zadeh, the lavish residence was designed by Richard Landry and is one of the few contemporary homes in Beverly Park, where most estates are either steroidal versions of Tuscan-style mansions or compounds inspired by French castles.

Kamel acquired the property in 2010 for $16.5 million; the place has occasionally been rented out over the past twelve years, sometimes for up to $100,000 a month.

Sam Real and Justin Fierro d’Engel & Völkers held the listing; Gelarah Gharai and Jeff Hyland of Hilton & Hyland replaced the buyer.

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