Michael Shvo's company, BSD Beverly Hills Propco, has defaulted on a $200 million mortgage for the luxury condo at 9200 Wilshire Blvd, indicating broader struggles in his real estate empire.
Fewer than 20% of the units in the prestigious Beverly Hills property, managed by Mandarin Oriental, have sold since opening, leading the ownership group to consider a bulk sale.
A spokeswoman for Shvo mentioned that the partnership aims to sell the remaining unleased units in a bulk transaction to reallocate funds for more profitable investments.
The default and potential foreclosure highlight ongoing challenges in Michael Shvo's extensive portfolio after a tumultuous series of real estate acquisitions in recent years.
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