Debt-ridden Bel Air mega-mansion fails to nab $50M target at auction

Debt-ridden Bel Air mega-mansion fails to nab $50M target at auction and Dermatology & Laser Medical Center Celebrity botox doctor Alex Khadavi may have been a little over confident.

The cosmetic dermatologist, who was arrested in 2021 for felony criminal threats in conjunction with homophobic slurs used against his neighbor, built an ultra-luxury spec house in Bel Air that initially asked $87.777 million, only to have it fail to meet the minimum threshold set by bankruptcy courts of $50 million at auction following Khadavi’s filing for Chapter 11 bankruptcy in 2021.

As of the auction’s closing time on Monday, the mansion had gone for $46.76 million to the highest bidder, The Wall Street Journal reported.

Back in April, Khadavi had told The Journal he’d have no problem meeting the court’s $50 million minimum, boasting that his property wouldn’t face the same issues as Nile Niami’s embattled mega-mansion “The One,” which accrued about $255 million in debt during its construction, only to sell for a mere $126 million at auction.

“I have a nice buffer over here,” Khadavi said. “I’m not going negative like the people at ‘The One.’ Everybody’s going to get paid.”

Despite not meeting its reserve price at auction, Khadavi can still submit the $46.76 million to the court for approval, according to procedures established in court documents prior to the auction.

Concierge Auctions, which conducted the auction, said it was confident the sale price was fair.

“After a spirited auction, the bidding is closed and the high bid is in the hands of the Trustee,” Chad Roffers, president of Concierge Auctions, told The Journal . “With over 87 qualified showings in the last 60 days, we are confident market value was delivered.”

Aaron Kirman of Compass and Mauricio Umansky of The Agency first listed the home in May 2021 for $87.777 million. According to Khadavi, the property received several offers that ultimately fell through, which led them to bring the mansion to auction. The spec house was originally listed for $87.777 million | Zillow The price of the nearly 21,000-square-foot, seven-bedroom home is reflected in its elaborate features and finishes. Sitting on 1.16 acres, the property shows off 360-degree views of the San Gabriel Mountains and the Channel Islands. It features a car museum, a pool with music-synchronized jets, a digital projector for laser shows, a massage room, a champagne tasting room, a movie theater, a DJ booth, an NFT gallery and a tequila bar.

A floating marble pathway leads guests to the front door, where inside, the home is finished with Calacatta extra-gold marble and 24-karat gold-dust wood stain. Other notable interior features include a glass elevator surrounded by a Feng Sui koi pond.

Khadavi initially planned to keep the mansion for himself, but after construction costs ballooned more than three times his original budget to $30 million, he realized it would be too expensive for him to keep. He purchased the lot for $16 million in 2013.

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