Nightclub mogul Sam Nazarian lists Bel-Air estate for $33.5 million

"Masked by tall privacy hedges, the gated Traditional-style house was designed by Richard Manion and completed in 2006. The home, which has 10,616 square feet of space, is entered through a two-story foyer that opens to a formal living room and theater. Other public areas include a wood-paneled library with a wet bar, a chef's kitchen and a gym."

"The master suite has his and hers bathrooms and closets for a total of five bedrooms and eight bathrooms. There's also a separate security office and a pilates studio with a bath. Outdoors, grounds of more than an acre contain formal gardens, large expanses of lawn and a swimming pool with a spa."

"Nazarian recently spun off the real estate development side of his company, SBE, creating a new subsidiary called Dakota Development. The Los Angeles-based company will include a new division focused on buying, developing and renovating high-end residential estates."

Sam Nazarian, a nightclub and restaurant mogul, acquired a Bel-Air estate from Paramount CEO Brad Grey for $25 million and simultaneously listed it for $33.5 million, illustrating the robust high-end real estate market in Los Angeles. The 10,616-square-foot Traditional-style home, designed by Richard Manion and completed in 2006, features five bedrooms, eight bathrooms, a theater, library, chef's kitchen, gym, and pilates studio. The property includes over an acre of grounds with formal gardens, lawns, and a swimming pool with spa. Grey originally purchased the home in 2009 for $22 million. Nazarian recently established Dakota Development, a subsidiary focused on acquiring, developing, and renovating high-end residential estates.

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