Fashion Legend Bijan Pakzad Undervalues Beverly Hills Mansion in Will
The Tehran-born clothing retailer, who died last week, estimated the house to be worth $5 million but it is more likely worth $10-12 million at least.
Bijan Pakzad's relatives might be doing better with the real estate he left them than his will would indicate.
The Tehran-born clothing retailer, who died last month at 67 and is best known for his eponymous Rodeo Drive store, left the majority of his estate to his three children. Besides the store, he was known for his fragrance line and attention-grabbing items, like a solid-gold .38 Colt revolver he marketed in the late 1980s.
Though Bijan (Pakzad was his little used last name) had other real estate holdings, including a Malibu mansion, his primary asset was a 12,000-square-foot home near Copley Drive and Sunset Boulevard. It was valued in the will at $5 million.
The three-story, six-bedroom house was built in 1993 on roughly an acre. It's done in a contemporary Mediterranean style; it has 12 bathrooms, seven fireplaces and a 22-car subterranean garage. It also has a guesthouse, pool and spa. Bijan bought the property from Latin recording star Luis "El Idolo" Miguel in 2002 for what was reported to be $6 million in cash.
The house is probably best known to those driving by on Sunset as the one with 100 terra cotta pots filled with flowers that line the property.
Mauricio Umansky, a Beverly Hills realtor who's been at the house several times as a guest, said it would now have minimum value between $10 million to $12 million.
"Prime real estate in Beverly Hills is selling for over $1,000 a square foot," Umansky said. "And the pedigree of this house would make it more marketable."