The sale of a luxury villas in Pasadena and Villas Serena and a luxury apartment complex in Los Angeles closed Wednesday, ending a year-long auction process that started in February.
The deal valued the villas at $25.5 million and the complex at $18 million.
It closed in the morning, with the winning bidder, the family of California Real Estate Investment Trust founder and CEO James E. O’Brien, taking over management of the two properties.
The transaction closes a yearlong auction of about 50 properties for sale, including two luxury homes in the Los Angeles area, the first sale in California of any property ever held by the family, O’Connor said.
The O’Connors had been searching for a buyer since they sold their Pasadena home for $2.2 million in 2015, with a $7.4 million down payment.
They purchased a $1.4-million condo in Pasadena, the Los Angles’ largest, in 2014, and an apartment complex near the LAX airport, home to the Los Alamos National Laboratory, for $1 million.
They also sold a $2 million, 3,800-square-foot, two-bedroom apartment in Venice for $3.1 million in December 2016.
They sold the two homes in 2015.
O’Connons’ father, James O’Connell, became a billionaire by purchasing a $250 million parcel of land in Los Angels.
His family has built luxury hotels and casinos in Los Alamios, including the iconic Casinos Serena.
He said the deal was a huge win for him.
“It’s a tremendous milestone for our family,” he said in a statement.
“We’re incredibly excited about the future of our company and our villas and apartment buildings.”
The O’Connas had planned to sell the Pasadena property to a family friend and the Pasadena estate agent for about $4 million, Olliver said.
They said the property was a favorite of many of their friends, including James’ wife, who also owned it.
In a statement, the O’CONNANS said they are grateful to James O. OBrien for his generosity, and that they appreciate his family’s efforts and his lifelong dedication to their properties.
They declined to comment further.
The sale is subject to the terms of a settlement that will be negotiated with the family.
For more on the sale of the Los Gatos apartment complex, click here.