Monday 16 May 2022 06:43 PM Dr. Alex Khadavi furious after $88m Bel Air mansion manages high auction bid of ... trends now
A plastic surgeon to the stars who owes millions of dollars was left furious after his sprawling Bel Air mansion only managed to tempt a high auction bid of $45.8million, despite being listed for $88million.
Dr. Alex Khadavi, 49, put the hillside mansion with sweeping views of Los Angeles on the market last May, but has so far been unable to sell it.
The 21,000-square-foot home features seven bedrooms, a movie theater, a champagne tasting room, an NFT art gallery and a champagne tasting room. The floors are even stained with 24-karat gold dust, and it has a DJ booth that rises up out of the floor using a hydraulic mechanism.
Khadavi described the auction results as 'Horrible, Horrible, Horrible!' to CNBC, having filed for bankruptcy protection two weeks after putting the house on the market last year. He owes tens of millions of dollars to creditors, and hoped the sale of the mansion would allow him to pay off his debts.
'Nobody told me this thing's going to go below, below this level,' he told the news network, after the auction failed to meet even the court-ordered $50million reserve - the lowest price he was willing to entertain selling the house.
A celebrity plastic surgeon who owes millions of dollars was left furious after his sprawling Bel Air mansion only managed to tempt a high auction bid of $45.8million, despite being listed for $88million
Dr. Alex Khadavi, 49, put the hillside mansion with sweeping views of Los Angeles on the market last May, but has so far been unable to sell it. Khadavi said the price of the home kept ballooning as he built it
A backlit tequila bar is one of the many extravagant features packed into the costly home. The mansion was built based on some of Khadavi's favorite mathematical concepts
Dr. Alex Khadavi, 49, put the hillside mansion with sweeping views of Los Angeles on the market last May, but has so far been unable to sell it. He had hoped the auction would fetch $88million, but it barely fetched half of that
He said he was surprised when the auction opened $10million below the reserve amount, saying he had an agreement with Concierge Auctions that prevented the company from opening bids below the reserve price.
Bids for the mansion came in slowly, and on the last day the highest bid was accepted - but $4.2million short of the reserve. The final offer of $46.8million was not reached.
Under normal circumstances, a sell would not be required to accept any bids below the reserve price. However, in Khadavi's case this is more complicated due to the auction being part of his bankruptcy proceedings.
The doctor told CNBC in June last year that the court would consider the highest existing offer for the house, and if it's approved it will move forward whether he personally accepts it or not.
He is now in a race to find a higher bidder than the $45.8 million final bid placed during the auction, with the television network reporting that he is considering legal action against the auctioneer.
Khadavi bought the Bel Air mansion for $16 million in 2013. He spent more than $30 million on construction, not including land cost. Among his creditors is Axos Bank, which lent the cosmetic dermatologist $27 million.
The estate features 360-degree views from the San Gabriel Mountains to the Channel Islands. He bought it for $16 million in 2013 and spent more than $30 million on construction, but has been unable to keep up with the costs
During a bankruptcy hearing on March 30, Judge Sheri Bluebond said she could soon agree to sell the home at auction for a minimum 'reserve price' of $50 million
The doctor wanted to live in the house but realized he'd have to sell it because it was going to be too expensive to maintain
He admitted that he didn't have the right connections for a project this big and that he has mostly flipped homes under $1 million, according to the Wall Street Journal.
His vision for the manse kept expanding during construction - and so did his budget.
'The marble budget was $10 [per square foot],' Khadavi said in April. 'I clearly made a mistake because we bought $150 [per sq ft] calacatta extra gold. It's like if you go in to buy a Prius and they show you a Ferrari.'
He wanted to live in the house, but realized he'd have to sell it halfway through building it, because it was going to be too expensive to maintain, he said. 'I dreamed too big.'
During a bankruptcy hearing on March 30, Judge Sheri Bluebond said she could soon agree to sell the home at auction for a minimum 'reserve price' of $50 million.
Khadavi's notorious temper surfaced during construction, the Wall Street Journal reported.
He complained about construction workers who came down with COVID and criticized their work.
He had them rip out a beam that was blocking the view. He also said he ripped up $1 million worth of marble after they failed to waterproof the guest house correctly.
The home features 360-degree views from the San Gabriel Mountains to
