July 29, 2025

Mark Wahlberg’s Mansion Sells for $55 Million, Flipped for $63 Million

News Summary

In a notable real estate transaction, actor Mark Wahlberg sold his luxurious Beverly Hills mansion for $55 million before it was flipped by Paris Hilton for $63 million. Initially listed at $87.5 million, the sale came amidst market pressures and the introduction of a mansion tax in Los Angeles. The property, covering 30,500 square feet, reflects the strength of the luxury real estate market in the area, driven by demand from fire-affected buyers and foreign investors. Recent trends indicate high demand for ultra-luxury homes in Southern California.

Beverly Hills: Mark Wahlberg’s Mansion Sells for $55 Million, Flipped for $63 Million by Paris Hilton

Major Real Estate Transactions in Beverly Hills

In 2023, Hollywood actor Mark Wahlberg sold his sprawling Beverly Hills mansion for $55 million. The property had been listed initially at $87.5 million but was reduced significantly to facilitate a quick sale amid ongoing market pressures. The mansion, which covers 30,500 square feet, attracted attention for its size and prime location in one of Los Angeles’ most exclusive neighborhoods.

Price Reduction to Avoid Mansion Tax

Wahlberg’s decision to lower the asking price was driven by an impending mansion tax set to take effect in Los Angeles. The tax, aimed at generating revenue from high-end property sales, prompted some sellers to adjust their asking prices to avoid higher tax liabilities. Consequently, Wahlberg’s property sale was expedited after the price cut, helping it to close swiftly with a notable discount from its original listing price.

Buyer Flips the Property for Profit

Shortly after purchase, the new owners, Paris Hilton and her husband Carter Reum, flipped the property for $63 million, realizing a profit despite the mansion tax implications. Hilton and Reum, a prominent socialite and entrepreneur, purchased the estate in a quick turnaround, indicating robust demand within the luxury real estate market in Los Angeles.

Context of the Luxury Market in Los Angeles

In June alone, real estate sales in Los Angeles topped charts, with five out of the ten most expensive homes sold nationwide located in California. Beverly Hills, Bel Air, and Atherton featured prominently among these top-tier transactions. This trend reflects an ongoing surge in luxury property demand fueled by various factors, including increased activity from foreign buyers and buyers displaced by natural disasters.

Displaced Buyers and Market Drivers

Industry experts note that fire-displaced buyers, particularly from Malibu affected by recent wildfires, are seeking alternative properties, thus fueling sales in the luxury segment of LA’s market. There is also significant interest from foreign investors, especially those from China, who view California as a prime location for high-value assets. This influx bolsters both Beverly Hills and Bel Air’s reputation as global luxury real estate hubs.

Notable Market Listings and Sales

Real estate agents have reported multiple high-profile transactions, including listings on Bel Air Road valued at $118 million and Flicker Way at $68 million. Other recent sales include a $32 million spec home purchased by Fashion Nova CEO Richard Saghian, who intends to use the property temporarily while upgrading his nearby Bel Air estate called The One—a mansion exceeding 100,000 square feet that was acquired at auction for $126 million in 2022.

Market Trends Beyond Beverly Hills

In Florida, luxury real estate sales also experienced notable activity, with three top sales in June including a $38.8 million property in Palm Beach. Overall, high-net-worth investors continue to drive demand for upscale properties across the United States.

Prominent Properties on the Market

An example of historical significance and modern luxury is the estate of Hollywood legend Cary Grant in Beverly Hills. Recently renovated into a 15,700-square-foot mansion, the estate is currently listed for $77.5 million. Grant originally purchased the property for approximately $46,000 in 1946, with the current iteration completed in 2022 after demolishing the original structure.

Features of the Beverly Hills Estate

The estate now boasts seven bedrooms, 13 bathrooms, a 52-foot pool, tennis court, and a climate-controlled wine room. Its outdoor terraces and panoramic views of the city and ocean offer luxury living at its finest. The property is being sold by Grant’s widow, Barbara, and her husband David Jaynes, who seek to downsize their holdings.

Additional Market Insights

Among the notable recent off-market transactions is a property sold for around $60 million in Los Angeles. The boosted activity in California’s luxury market underscores the resilience of high-end real estate, complemented by a growing demand for properties with historical significance, expansive outdoor spaces, and stunning views.

Summary

Overall, the Los Angeles luxury real estate market continues to demonstrate strength, with high-profile sales such as Mark Wahlberg’s mansion and prominent listings like the Cary Grant estate exemplifying ongoing demand. Displacement from natural disasters, international investor interest, and the desire for sprawling, modern estates are key drivers fueling the current momentum in Beverly Hills and beyond.

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Author: STAFF HERE CLEVELAND WRITER

CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the experienced team at HERECleveland.com, your go-to source for actionable local news and information in Cleveland, Cuyahoga County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Cleveland International Film Festival, Rock & Roll Hall of Fame Induction Ceremony, and the Cleveland Air Show. Our coverage extends to key organizations like the Greater Cleveland Partnership and Destination Cleveland, plus leading businesses in manufacturing and healthcare that power the local economy such as Cleveland Clinic and Sherwin-Williams. As part of the broader HERE network, we provide comprehensive, credible insights into Ohio's dynamic landscape.

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