In a strong indication that American real estate continues to be an attractive investment for foreigners, the Wehba Mansion on Sunset Boulevard in Los Angeles has just been sold to a Chinese millionaire (billionaire?) and his wife for $34.5M. Built by the real estate tycoon C. Frederick Wehba, the 36,000-sq-ft house covers nearly half of the 2-acre lot and comes with 9 bedrooms, 13 bathrooms, a tennis court, pool pavilion, and plenty of 15-pound gold-plated doorknobs. Wehba originally "thought it would be a smaller house" but as it so often happens when one says they're inspired by Versailles, it quickly became, "Well, OK, why not?" and the whole thing got totally out of control: It's estimated to have cost $40M to build. Not much is known about the new owners yet, but they're reportedly Ning Siqiao and his wife, who goes by Karen. They're described as "entrepreneurs" who live in China, but who love to travel. And with a new house like this, let's hope they also like to entertain, too.
· Wehba Mansion Finally Sells to Chinese Investor After Several Price Cuts [Zillow]
· 9577 Sunset, Los Angeles [Zillow]
· Gold Doorknob Sunset Megamansion Sells For $34.5 Million [Curbed LA]