G
eorge Ruan, co-founder of Honey, has sold his Bel-Air estate for a staggering $112 million, making it one of the most expensive real estate deals in Los Angeles. The buyer's identity remains undisclosed. The estate, located at 10721 Stradella Court, spans 1.15 acres and boasts a 21,000-square-foot mansion designed by SAOTA and Woods + Dangaran. The property offers breathtaking views of the city and the Pacific Ocean, and features a multi-million dollar makeover completed by Ruan after he purchased the unfinished house in 2020 for $60 million.

    The estate is equipped with nine bedrooms, eleven bathrooms, a media room, library, powder room, gym, and a pool and spa that overlook a steep embankment. The dining room is particularly unique, as it features wood panels that can pivot to close off the room. The property also includes a one-bedroom guesthouse with its own pool.

    In 2022, Ruan listed the estate for $150 million but removed it nine months later. Its sale for $140 million falls short of the $210 million that eyeglasses mogul James Jannard fetched in June for his nearly 10-acre estate in Malibu, which broke the state record.

    In a separate transaction, Brian Armstrong, CEO of Coinbase, paid $133 million for a 5-acre estate in Bel-Air featuring a 19,000-square-foot mansion and a 6,600-square-foot "guest mansion." In 2020, Amazon founder Jeff Bezos acquired a 9-acre estate in nearby Beverly Hills for $165 million, setting a new state record at the time.

    Ruan co-founded Honey in 2012, a company that helps consumers find discount codes for online purchases. In 2020, he sold Honey to PayPal Holdings for $4 billion and has since become an active angel investor in more than 50 companies.

    It's worth noting that the sale of Ruan's estate comes during a slowdown in luxury deals due to Los Angeles' "mansion tax," or Measure ULA, which imposes a 4% tax on homes between $5.15 million and $10.3 million, and a 5.5% tax on properties worth $10.3 million or more.