Bel-Air founder's 1928 mansion listed for $32.5 million

A 10,600-sq-ft Spanish-style mansion built in 1928 by Bel-Air founder Alphonzo Bell for himself in Los Angeles has been listed at $32.5 million. According to a Platinum Tribune report, it came to market after a five-year restoration. Maple Leaf Capital CEO Michael Wexler bought the property for $5.5 million in 2010. The buyer will also pay a 5.5% transfer tax under Los Angeles' Measure ULA, about $1.78 million.

Written by AI from Times of India — Top · not yet reviewed by an editor · Published 16 Sept 2026, 1:27 am IST

Source

Times of India — Top · read the original report ↗

#real estate#luxury homes#los angeles#bel-air#property market

Desk check · compared with the source

What the desk checked (5)

The 1928 Bel-Air mansion is listed at $32.5 million after a five-year restoration. — Attributed in source to a Platinum Tribune report; figure appears repeatedly in the text.
Michael Wexler, CEO of Maple Leaf Capital, bought the estate for $5.5 million in 2010. — Figure appears in source; however the text also says 'eleven years ago', an internal date inconsistency an editor should note.
The 10,600-sq-ft Spanish-style estate at 10772 Chalon Road was built in 1928 by Bel-Air founder Alphonzo Bell, designed by architect Mark Daniels. — Stated in source without external citation; historical attribution not independently verified here.
Past owners included Queen Noor of Jordan and film producer Steven Reuther. — Asserted in source with no source given.
A 5.5% Measure ULA transfer tax applies to LA sales above $10.9 million, about $1.78 million on a $32.5 million sale. — Figures appear in source; arithmetic is consistent with the stated rate.

Written by AI from Times of India — Top · not yet reviewed by an editor · How we use AI · Report an error

Analysts’ view opinion

AI Economic Analyst

From a $5.5 million purchase to a $32.5 million ask, this is more than a decade of appreciation plus a five-year restoration bundled into one number. But it remains an asking price — in ultra-luxury real estate, only the closing price tells you what the market actually thinks. The sharpest economic feature here is the 5.5% Measure ULA transfer tax, roughly $1.78 million, landing as an extra transaction cost on the buyer.

Bought at $5.5 million, listed at $32.5 million — but the story does not state what the restoration cost, so the true return cannot be calculated.
Measure ULA levies 5.5% on sales above $10.9 million; on this listing that is about $1.78 million in additional tax.
Transfer taxes of this kind typically get absorbed in negotiation — the buyer writes the cheque, but sellers often bear part of it through price pressure.
Who gains: the seller, the listing agents, the design studio and the trades employed across a five-year restoration — that is real skilled local work.
Preservation-led renovation is expensive but creates scarcity value; for genuinely rare properties it is a price-defending strategy rather than a quick flip.

What to watch — Whether the house trades near the asking price or needs a cut — that gap is the real read on Bel-Air ultra-luxury demand and on how much the ULA tax is biting.

The story does not disclose restoration spend, carrying costs or comparable recent sale prices, so it does not establish the owner's actual profit or whether $32.5 million is a realistic clearing price.

Deep dive

Research brief · 8 facts · 6 dates · exam-ready

The brief

Context

A Spanish-style mansion built in 1928 in Los Angeles by Alphonzo Bell — the oilman-developer who created the Bel-Air neighbourhood and the Bel-Air Country Club — has been listed for $32.5 million after a five-year restoration. The 10,600-sq-ft house at 10772 Chalon Road, now rebranded "Maison de La Reine", was designed by Mark Daniels, the architect who laid out Bel-Air's streets and equestrian tunnels. Its current owner, Maple Leaf Capital CEO Michael Wexler, bought it for $5.5 million in 2010 and lived in it for a decade before restoring it from 2021. The listing also draws attention to Los Angeles' Measure ULA, a transfer tax on high-value property sales.

Key facts

The 1928 mansion is listed at an asking price of $32.5 million, after a comprehensive five-year restoration, per a Platinum Tribune report.
The Spanish-style estate measures 10,600 sq ft and is located at 10772 Chalon Road, Bel-Air, Los Angeles.
Alphonzo Bell, real estate developer and oilman who founded the Bel-Air neighbourhood and Bel-Air Country Club, built the house for himself in 1928.
The architect was Mark Daniels, who laid out Bel-Air's streets, planted thousands of trees and engineered underground equestrian tunnels to separate riders from car traffic.
Michael Wexler, CEO of Maple Leaf Capital, bought the estate for $5.5 million in 2010 and began renovating in 2021.
Past owners include Queen Noor of Jordan and the late film producer Steven Reuther, who built a private cinema and editing suite on site.
Under Los Angeles' Measure ULA, a 5.5% transfer tax applies to property sales above $10.9 million; on a $32.5 million sale this is about $1.78 million.
Listing agents are Chris Soffer of The Beverly Hills Estates, along with Trenton Armitage, Rayni Williams and Branden Williams.

Timeline

1928Alphonzo Bell, founder of Bel-Air, builds the Spanish-style mansion for himself, designed by architect Mark Daniels.
Over the yearsOwners include Queen Noor of Jordan and film producer Steven Reuther, who adds a private cinema and editing suite.
2010Maple Leaf Capital CEO Michael Wexler buys the estate for $5.5 million, intending to live in it, not flip it.
2010-2020 (roughly a decade)Wexler lives in the house before deciding on a complete restoration.
2021Restoration begins with designers Kendra Sosothikul and Paula Press of Studio Berosso; the estate is later rebranded Maison de La Reine.
This month (per the source)The estate hits the market asking $32.5 million.

Who has a stake

Michael Wexler, CEO of Maple Leaf Capital — Current owner-seller; bought at $5.5 million in 2010 and funded a five-year restoration, now seeking $32.5 million.
Prospective buyer — Faces the $32.5 million price plus about $1.78 million in Measure ULA transfer tax.
The Beverly Hills Estates (Chris Soffer, Trenton Armitage, Rayni Williams, Branden Williams) — Listing brokers responsible for marketing and selling the landmark estate.
Studio Berosso designers Kendra Sosothikul and Paula Press — Led the restoration, preserving 1928 features rather than gut-renovating; their work underpins the asking price.
City of Los Angeles — Collects the 5.5% Measure ULA transfer tax on sales above $10.9 million, a revenue source tied to high-end transactions.
Heritage and architectural conservation interests — The fate of 1928 craftsmanship — terrazzo foyer, hand-carved stone fireplaces, Gracie wallpaper — depends on such restorations.

Why it matters

The listing shows how provenance and heritage restoration, rather than new construction, drive value at the top of the global luxury housing market — a $5.5 million 2010 purchase now asking $32.5 million after a five-year revival. It also illustrates how targeted taxes such as Los Angeles' Measure ULA, levying 5.5% on sales above $10.9 million, add roughly $1.78 million to a transaction and reshape incentives in the ultra-luxury segment.

UPSC angle

Prelims pointers

Measure ULA (Los Angeles): 5.5% transfer tax on property sales above $10.9 million; about $1.78 million on a $32.5 million sale.
Alphonzo Bell: oilman and developer who founded the Bel-Air neighbourhood and the Bel-Air Country Club.
Mark Daniels: architect of the 1928 mansion and planner of Bel-Air's streets, tree planting and underground equestrian tunnels.
The estate: 10,600 sq ft, Spanish-style, 10772 Chalon Road, rebranded Maison de La Reine.
Purchase price $5.5 million (2010); asking price $32.5 million after a five-year restoration begun in 2021.
Notable past owners: Queen Noor of Jordan and film producer Steven Reuther.

Mains framing

The Bel-Air listing is a case study in how heritage value is created and taxed in ultra-luxury real estate. The drivers of the $32.5 million ask are provenance (built in 1928 by the neighbourhood's founder Alphonzo Bell and designed by its planner Mark Daniels), scarcity of location, and a conservation-led restoration that preserved the original checkerboard terrazzo foyer and hand-painted Gracie wallpaper while adding contemporary features such as a wine cellar, marble fireplace and a climate-controlled fitness space in the former indoor pool. The implications are twofold: first, restoration rather than gut-renovation can be economically rational, aligning private profit with architectural conservation; second, transaction taxes bite at this level — Los Angeles' Measure ULA imposes 5.5% on sales above $10.9 million, adding roughly $1.78 million for the buyer, which can compress liquidity and lengthen sale timelines in the top bracket. A balanced way forward, on the evidence of this case, lies in policies that pair revenue-raising transfer levies with recognition of documented conservation work, so that owners retain the incentive to restore rather than demolish historic housing stock. For Indian readers, the parallel is the treatment of heritage bungalows and stamp-duty design in high-value urban markets.

Key terms

Measure ULA: A Los Angeles special transfer tax of 5.5% levied on property sales above $10.9 million, payable by the buyer in this listing.
Transfer tax: A tax charged on the transfer of property ownership at the time of sale, here about $1.78 million on a $32.5 million deal.
Bel-Air: An upscale Los Angeles neighbourhood established by developer-oilman Alphonzo Bell, who also founded the Bel-Air Country Club.
Terrazzo: A composite flooring material; the mansion's original 1928 checkerboard terrazzo foyer was preserved and restored in place.
Gut-renovation: Stripping a building's interiors to the shell; the owner avoided this in favour of a conservation-led restoration.
Listing agent: The broker representing the seller; here Chris Soffer of The Beverly Hills Estates, with three co-listing agents.

Practice questions

How do transaction taxes such as Los Angeles' Measure ULA, levied at 5.5% on sales above $10.9 million, affect liquidity and price formation in the ultra-luxury housing segment?
Discuss the economics of heritage restoration versus redevelopment in high-value urban real estate, using the 1928 Bel-Air mansion as an illustration.
What role does provenance — the identity of a property's original builder, architect and past owners — play in determining value in premium real estate markets?

Grounded only in the source report — figures and dates are the source's, not inferred.

Next story3,000-year-old Egyptian mummy's 'screaming' face examined again →

← All stories