"Chanchai Ruayrungruan, who founded Beijing-based conglomerate Reignwood Group, has been testing market appetite for 1620 Carla Ridge in Beverly Hills since 2016, when he first put it on the market with an asking price of $26 million."
"The Beverly Hills home was one of 24 L.A. County properties that went into contract last week, which amounted to $148.3 million in total asking volume, reflecting a 15 percent increase in listing price volume compared to a year ago."
"Ruayrungruan will sell the home at a loss if it goes for the asking price, having paid $20 million for it in 2015, according to property records."
Chanchai Ruayrungruan, founder of Reignwood Group, is selling his Beverly Hills mansion at 1620 Carla Ridge for just under $19 million. Initially listed at $26 million in 2016, the property has fluctuated in market presence. If sold at the current asking price, Ruayrungruan will incur a loss, having purchased it for $20 million in 2015. The home recently topped the Los Angeles County luxury market, with a notable increase in contract activity compared to the previous year.
Read at therealdeal.com
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