They say there is money in the trees! Former MedMen owner Andre Modlin proved that with his recent purchase.
Per Variety
As sales of contemporary L.A. mansions continue to flounder amid fears of a market oversupply, some sellers have resorted to the good ol’ pricechopper in order to consummate a deal. Witness this slick modern manse in the prime Bird Streets, long considered the ne plus ultra neighborhood pocket of the Hollywood Hills.
Completed in late 2017, the luxe house first popped up for sale in January 2018, sporting a $15.9 million ask. Nearly 1.5 years later — and following two hefty price cuts and a change of realtors — the property has finally sold for exactly $11 million, or a throat-clenching 31% discount off the tumescent original ask.
The bargain-minded buyer is weed mogul Andrew Modlin, co-founder and president of marijuana juggernaut MedMen.
Modlin is now the owner of the mansion.
19-acre lot. Designed by KAA Design Group, the house features a two-car garage discreetly hidden from sight of the front entryway, which opens to a breezy courtyard with a mature olive tree, a cactus garden, and a fire feature. Indoors, an unexpectedly massive great room features walls of glass, a limestone floor, and cedar plank ceilings. Just beyond is a sleek eat-in kitchen with top-of-the-line stainless appliances.
Congrats on the sale. Weed money must be nice.
