A five-bedroom, seven-bathroom spec mansion just hit the market at 1465 Donhill Drive in the Beverly Hills Post Office neighborhood, asking $35 million for roughly 15,000 square feet of house — a price that pencils out to about $2,333 per square foot. The home, called Essence, comes stocked with a rooftop pickleball court, a rooftop fire pit, a theater tucked behind a hidden door with suede walls, and a motor court big enough to park ten cars.
The listing comes from developer Ramtin Ray Nosrati, owner, designer and contractor at Huntington Estate Properties, and was placed on the multiple listing service with a trio of agents: Carolwood Estates' Jonathan Nash, Compass' Sally Forster Jones, and Beverly Hills Estates' Tomer Fridman, according to The Real Deal. The home also comes with roughly $2 million worth of custom furniture already inside, and sits at the end of a cul-de-sac with a two-level foyer, imported natural stones, reeded stonework, and wood-framed windows meant to give the place what the listing describes as an organic and warm feel.
The BHPO Tax Trap
Here's the catch for whoever buys it: despite carrying a 90210 mailing address, Donhill Drive sits inside the municipal boundaries of the City of Los Angeles rather than the incorporated city of Beverly Hills. According to Steve Frankel, that distinction matters enormously at closing, since properties within Beverly Hills' actual city limits are fully exempt from Los Angeles' Measure ULA transfer tax while BHPO properties are not.
Effective July 1, the city adjusted its Measure ULA thresholds for inflation, now assessing a 4.0 percent transfer tax on sales between $5.4 million and just under $10.9 million, and 5.5 percent on anything at or above $10.9 million, per the Los Angeles Office of Finance. At the $35 million ask, that top bracket would trigger a transfer tax of roughly $1.9 million if the home sells at its listed price — a bill that neighboring estates technically inside Beverly Hills would never see.
A Developer Who Knows the Street
Nosrati isn't a stranger to this particular cul-de-sac. He sold the neighboring project at 1414 Donhill Drive to Fashion Nova founder and CEO Richard Saghian for $32 million in cash last year, working out to $2,462 per square foot, while Saghian awaited renovations on his $141 million Bel Air megamansion known as The One, the article notes. That sale gives Essence a direct, recent comp just doors away.
The developer also has another major BHPO project currently on the market: the 19,100-square-foot estate called OPAL at 1360 Laurel Way, listed in June for $53 million, or $2,775 per square foot, complete with two swimming pools, its own rooftop pickleball court, and what's been called one of the largest permitted walk-in closets in Los Angeles, according to Forbes. Nosrati told the outlet a home has to appeal to nine out of ten buyers, adding that people are looking to spend but that buyers want a good deal, so prices have to be positioned at a comfortable level.
Bigger Bets Still to Come
Next on Nosrati's docket is The Signature, an $88 million, 24,000-square-foot Bel Air estate he plans to list later this year, set on five acres and reached by an 800-foot bridged driveway with double security gates and a three-story glass elevator, per Huntington Estate Properties. The developer currently has $268 million of residential projects under construction across Los Angeles County and another $250 million in planning or permitting, the same account notes, while he's also assembling mixed-use projects in Miami and Cabo San Lucas and developing a 670-home master-planned community with nine acres of commercial space in Idaho.
Before real estate, Nosrati built a business as a national licensee with the now-defunct Sprint PCS. He later made national headlines in 2019 for designing so-called marijuana mansions in Bel Air and Sherman Oaks, complete with biometric-locked cannabis conservatories and hydroponic cultivation galleries, according to Forbes' earlier reporting on his design work.
A Cooling but Resilient Top Tier
The Essence listing arrives amid a genuinely mixed market for the county's priciest homes. Los Angeles County residential sales of $20 million or more dropped 28 percent between January 1 and July 31 compared with the same period the year before, according to MLS data cited in the same reporting. A December 2025 Cato Institute study separately found that Measure ULA reduced transaction volume of eligible high-value properties by 38 percent, which has offset some of the tax's net gains by suppressing property reassessments under California's Proposition 13.
Yet the very top of the market has shown resilience elsewhere: Los Angeles luxury transactions over $10 million surged more than 50 percent year-over-year in 2025, as Hoodline previously reported on Jean Harlow's Holmby Hills estate. That same Measure ULA framework was also central to Hoodline's recent coverage of Selena Gomez's sale of Tom Petty's old Encino home, underscoring how the tax now shapes deal-making across the county's luxury tier, spec mansion or otherwise.
