PETALING JAYA: A Los Angeles property owned by fugitive businessman Low Taek Jho, better known as Jho Low, has been sold for RM81.3mil, half its purchase price, a news portal reported.
According to the Variety, the property in LA’s Sunset Strip was sold to local investor and businessman Joe Simsolo for US$18.5mil .“For many years, that transaction held the record for priciest Hollywood Hills home sale ever — until it was finally eclipsed earlier this year, ” Variety said.After his death in 2009, it was then sold to Irish investor Paddy McKillen and developer Nile Niami.
“The fortress-like compound, which has jetliner views of the entire LA skyline, was subsequently sold to Low in an off-market deal. “For unknown reasons, Low proceeded to tear the entire property up – the landscaping and interiors have all been gutted and ripped out, and the house has been vacant for at least the last three years.“Today, the property is little more than a trashed shell of that estate, and will undoubtedly require millions of dollars in restoration funds to bring back to liveable condition, ” it said.
Gallery photos by the Los Angeles Times of the 13,000 sq ft mansion showed that it had a modern contemporary style with huge windows overlooking LA's skyline.The property was one of the assets seized by the US Department of Justice to recoup almost US$1bil of money looted from the 1Malaysia Development Berhad fund.
The money from 1MDB, according to the DOJ, was used to pay for, among others, a private jet, a superyacht, mansions, diamonds and even Hollywood movie productions.
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