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After a white-hot March, L.A.'s luxury real estate market ground to a halt in April when Measure ULA kicked in, leaving the city with less money than originally projected.
As L.A.'s new "mansion tax" looms, sellers are trying anything to close deals before the April 1 deadline to avoid paying the tax.
In Bel-Air, a 260-acre piece of land that represents 6% of the neighborhood's total area is hitting the auction block with bids starting at $39 million.
Lawyers representing the Howard Jarvis Taxpayers Assn. and the Apartment Assn. of Greater Los Angeles argue that the documentary transfer tax violates the California Constitution.
Jon Christiansen says he has reason to feel paranoid. In 2020 and 2021, while law enforcement and other officials painted a picture of rising crime rates and an ongoing struggle