Weekly Market Intelligence — May 20, 2026

Record Penthouses, a $65 Million Mansion, and the Mansion Tax Reckoning

A West Hollywood condo shatters records, new trophy listings debut across the Westside, and Measure ULA faces its most consequential review yet.

The Los Angeles luxury market entered the latter half of May with a decisive mix of record-setting transactions, ambitious new listings, and a policy debate that could reshape the economics of high-end real estate across the city. From a penthouse trade in West Hollywood that rewrote the county’s 2026 condo record book to a Bel Air mansion seven years in the making, the week’s headlines underscore a market still very much in motion—and one where the intersection of design, lifestyle, and regulatory uncertainty continues to define the conversation at the top.

West Hollywood Penthouse Rewrites the Record

The crown jewel of the week belongs to 8899 Beverly Boulevard, where the sale of Penthouse West for $23 million has established a new condominium benchmark for 2026 in Los Angeles County. At $3,150 per square foot, the transaction eclipses an $18.8 million off-market deal completed at the same building in April, along with the previous on-market leader at 1 West Century Drive in Century City, which traded at $2,455 per square foot in March.

The building, designed by Olson Kundig as an adaptive reuse of the former LA International Design Center, has steadily established itself as one of the Westside’s most prestigious condominium addresses since its residential conversion in 2022. This latest trade confirms that ultra-luxury condo buyers are willing to pay single-family-home prices per square foot for the right product in the right location.

A $65 Million Vision Takes Shape in Bel Air

After seven years of meticulous construction, a custom-built mansion at 10830 Chalon Road is arriving on the market with a $65 million asking price. The roughly 18,000-square-foot residence, perched above the Bel-Air Country Club, represents the kind of long-horizon development play that has come to define LA’s most exclusive enclaves—a bet that the market for truly bespoke estates will continue to reward patience and craftsmanship over speed.

The listing joins a Bel Air corridor that has seen robust activity in 2026. Earlier this year, the county’s priciest residential transaction was recorded at 1111 Calle Vista Drive in Beverly Hills, where an undisclosed buyer acquired former Apollo Global Management CEO Leon Black’s mansion for $47 million. Deals above $10 million rose more than 50 percent year-over-year in 2025, and that momentum has carried into the new year.

Trophy Listings Span the Westside

Beyond Bel Air, the week brought a pair of significant new offerings. Dean Factor, co-founder of Smashbox Cosmetics, and his wife Shannon are listing their roughly 8.5-acre estate in Sullivan Canyon at $48.5 million. The property leans into the wellness-driven luxury trend now permeating the top of the market, featuring advanced air and water filtration, solar infrastructure, a private well, an infrared sauna, an ozone-treated pool, and dedicated spa and fitness facilities.

In Brentwood, developer Colossal Properties is asking nearly $34 million for a newly built home at 1210 Chickory Lane. The over-13,000-square-foot residence offers unobstructed views of the Getty Center across the lot’s full 200-foot length, with custom millwork and marble finishes throughout. The listing, held by Carolwood Estates’ David Parnes, debuted with a private event where robot servers attended to prospective buyers—a sign of the increasingly experiential marketing strategies employed at this price point.

Meanwhile, Angelina Jolie’s Los Feliz estate at 2000 De Mille Drive continues to draw attention at $29.9 million. Acquired in 2017 for $24.5 million, the property carries deep Hollywood provenance and adds a celebrity dimension to an already eventful month of listings.

Measure ULA: The Policy Wildcard

Perhaps no story looms larger over the Los Angeles luxury market than the ongoing review of Measure ULA, the voter-approved transfer tax that applies a 4 percent levy on real estate transactions starting at $5.3 million and 5.5 percent on deals of $10.6 million or more. Since taking effect in April 2023, the tax has generated $1.1 billion in revenue for affordable housing and homelessness prevention—but has also suppressed deal volume at the upper end of the market.

A newly released analysis estimates that proposed carveouts—including 15-year exemptions for newly built multifamily and commercial projects and disaster-relief provisions for wildfire-affected properties—could reduce ULA revenue by 35 percent, or roughly $177 million annually. The city’s three-member ad hoc committee, chaired by Councilmember Ysabel Jurado, continues to weigh competing proposals, with a coalition of industry stakeholders urging a “mend it, don’t end it” approach. Nearly 60 percent of ULA transactions have come from single-family residential deals, meaning any changes will directly affect the luxury homebuying calculus.