Kaysan Ghasseminejad, through entities K3B Enterprises and Encino Towers, filed for Chapter 11 bankruptcy protection on July 10th. The bankruptcies involve a Beverly Hills mansion located at 9996 Sunset Boulevard and a medical office building at 17835 Ventura Boulevard in Encino.
The Beverly Hills property has declared total liabilities and equity at $15 million, while the Encino property's liabilities are estimated between $10 million and $50 million. Ghasseminejad's debts stem from mortgages and defaults. For instance, Sunwest Bank filed a notice of default on the Beverly Hills mansion due to $5.3 million in debt.
The Beverly Hills property was purchased for $13 million in May 2019. The Encino property is listed for sale on LoopNet.
This bankruptcy adds to a growing list of distressed properties in high-end Los Angeles neighborhoods, including other recent bankruptcies filed by developers.
An Encino-based investor has declared bankruptcy on a Beverly Hills mansion that sits adjacent to the Los Angeles Country Club golf course, The Real Deal has learned.
Kaysan Ghasseminejad, through an entity called K3B Enterprises, filed for Chapter 11 bankruptcy on the property on July 10, court records show. In the latest monthly financial declarations for the bankruptcy estate from early September, Ghasseminejad declared total liabilities and equity at $15 million.
On the same day that Ghasseminejad declared bankruptcy on the Beverly Hills property, he also filed a Chapter 11 petition for 17835 Ventura Boulevard, a three-story medical office building in Encino. In the filing, Ghasseminejad, through an entity called Encino Towers, estimated his liabilities between $10 million and $50 million. The property was put up for sale in September, according to a listing on LoopNet.
The Beverly Hills property, located at 9996 Sunset Boulevard, is a six-bedroom, eight-bathroom mansion on a 1-acre lot near the northeastern corner of the golf course. It is one of just eight properties that face the course, according to a listing from Compass. The 7,900-square-foot estate has features such as an indoor gym with a basketball court, a pool and a guesthouse with a private entrance.
In June, lender Sunwest Bank filed a notice of default on the home, claiming that Ghasseminejad had fallen behind on $5.3 million in debt. Ghasseminejad secured the original $4.9 million mortgage on the asset in March.
Ghasseminejad bought the home for $13 million in May of 2019, property records show. The home is about a block away from the Owlwood Estate — previously home to actor Tony Curtis and pop duo Sonny and Cher — which sold for $88 million in 2021.
The bankruptcy of 9996 Sunset adds to the list of distressed residential properties in Los Angeles’ most expensive residential neighborhoods. Last month, developer Elite Management Group filed for bankruptcy after it was sued for fraud in relation to an unfinished mansion in Bel Air. In August last year, spec home developer Mohamed Hadid filed for bankruptcy on 9650 Cedarbrook Drive, a planned 78,000-square-foot home that was once on the market for $250 million.
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