UPDATE: This is what’s really going on in Beverly Park

Finish that bottle of Jack, sit your behind down, and listen up. We’ve got some big news — and if you have even a modicum of interest in the ultra-high-end LA real estate market, listenin’ up real close to this one will definitely be worth your while.

As you may recall, it was a mere two days ago that Yolanda whispered to all of y’all about some major unexplained construction going down in that unabashedly self-indulgent and sumptuous enclave known as Beverly Park, secreted away up in the mountains above Beverly Hills.

The construction we reference is occurring on what is currently the community’s most expensive property ever sold — the two-parcel compound at 60 & 62 Beverly Park. As you may know, the whole kit ‘n kaboodle was sold by billionaire hardware honcho Eric Smidt to Kazakh oligarch Eduard Ogay for $39,900,000 in December 2014, easily the most ever paid for a property in the outrageously posh community.

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It was our real estate insider pal Don Won who initially tipped Yolanda off about Mr. Ogay razing several of the village-like complex’s additional structures, including a wing of the main house, the larger guest house, and some significant landscaping. This despite the fact that Mr. & Mrs. Ogay (and their two young children) have already moved into said main house.

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And as y’all can see, recent satellite images do indeed prove that Mr. Ogay has initiated and already completed a significant amount of demolition.

Yolanda was all agog. What could Mr. & Mrs. Ogay possibly be planning up there?

In our initial post, we speculated that the Ogay fam was building a new mega-mansion to anchor the 5+ acre compound. We assumed the current 11,000 square foot main house would “probably” either become the new guest house or be razed entirely. Seems reasonable enough in this real estate age of “bigger is always much better”, right?

But hold up. We have some devasting news to report. In this case, Yolanda’s speculations were dead wrong. That’s right, kids. We were wrong. Wrong. WRONG!

Yesterday, our always-truthful insider tattletale Mr. Won breathlessly rang your gurl’s celly to say he now had it straight from the proverbial horse’s mouth about what is really goin’ on up in LA’s most fabled guard-gated community. And what he told Yolanda nearly made her drop her damn flip phone in shock right in the middle of the Starbucks line, but we managed to keep it together. Mostly. What we heard was shocking, but at the same time — it makes perfect sense in an odd way.

Before we hit you with the big whammy, let’s give a little necessary background. Way back in 1994, Eric & Susan Smidt purchased a 2.22-acre vacant lot in Beverly Park from professional hockey legend Wayne Gretzky. They constructed the 11,000 square foot residence that still serves as the estate’s main house.

In 1999, the large-living Smidt couple decided they needed more breathing room. 2 acres just wasn’t enough. So they purchased the also-vacant lot next door (it’s a bit larger at 2.86 acres) and integrated it with their estate. They built several accessory structures, a bunch of staff parking, etc. After all was done, they ended up with a total of 10 bedrooms and 16 bathrooms.

Though the “village” is undeniably attention-grabbbing, to Yolanda’s eyes it’s not exactly attractive or cohesive. Looks more like where a (rich) village idiot might live, frankly. Sorry if you’re a fan of this place, y’all,  but we just don’t get it. And neither, apparently, do Mr. & Mrs. Ogay.

You see, the Ogays are eschewing the current mega-compound trends and takin’ everything back to basics. They’re completely dismantling the village and returning the land to two separate lots, just as it was back in the day.

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The first lot, 60 Beverly Park, will look almost exactly like the pic above once work is completed. And our Mr. Won told us the main house is intended to be the family’s long-term main residence, so apparently they’re perfectly content with “just” 11,000 square feet (and a guest house) on 2 acres. Crazy, right?

As for the second lot at 62 Beverly Park, Mr. Won’s unimpeachable source confirms that Mr. & Mrs. Ogay are indeed building a new mega-mansion here (just as Yolanda suspected). But not for themselves! Instead, once complete they’re going to hoist the brand-new beast onto the market with a pricetag that Yolanda figures will probably scrape $50 million.

Think about that for a moment. Mr. & Mrs. Ogay spent $40 million on a 5-acre compound just to downsize into a 2-acre mini-estate. Now they’re about to spend another $10 million (or so) on a new compound that they’ll attempt selling at $40 or $50 million. And based on LA’s seemingly-insatiable appetite for ridiculous spec mega-mansions and the dearth of said mansions in Beverly Park (there hasn’t been one available in many years), Yolanda would bet it will sell quickly for major moolah. Unless it’s irretrievably hideous, of course. But then again, irretrievably hideous is an asset in Beverly Park, ain’t it?

Oh. Oops. Did we say that out loud?

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Anywho, this sounds like a cunning way to get into Beverly Park for a very low price, right? While we doubt someone like Mr. Ogay worries about money (he’s most likely a billionaire or near-billionaire) this guy seems like one smart cookie. At least so far. We’ll have to wait and see what he builds before passing final judgment about that. Y’all feel free to hold your breath, but in the meantime Yolanda is gonna hit up the Dairy Queen right about now for our daily cheat. Toodles!

Oh… but before we jet off, just remember that 2 or 3 years from now, when y’all see a hulking, brand-new spec-woolly mammoth at 62 Beverly Park pop up for sale with a $50,000,000 (or so) pricetag, don’t forget your gurl Yolanda was the first to hiss all about it. You should already know how she rolls.

1 Comment

  1. James says: Reply

    I love a good construction-watch story. I’d love to know where will one of these Landry mansions pop up in Beverly Park:

    http://www.landrydesigngroup.com/#/portfolio-inprogress

    And I’d also like to know where is that Holmby Hills mammoth being built and who’s doing it. If it’s someone interesting.

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