As their looming sentencing date fast approaches, Lori Loughlin and Mossimo Giannulli are cutting ties to their current neighborhood in L.A.’s posh Bel Air area. In addition to resigning from the exclusive Bel-Air Country Club, the couple’s nearby mansion is also in escrow to be sold, sources say. The buyer is Tinder co-founder Justin Mateen, a Los Angeles native who already owns a substantial luxury real estate portfolio.
The heavily discounted deal has not yet recorded, but the sources say the sale price “significantly” undercuts the property’s most recent $28.7 million pricetag, and it’s further still below the couple’s original, and profoundly unrealistic, $35 million wishlist ask from more than three years ago. According to one tipster, the agreed-upon amount is a mere $18 million, give or take a handful of Rick Singer-assisted USC admissions.
Should that closing price prove correct, it would likely represent a brutal loss for Loughlin and Giannulli, who paid $14 million for the house in June 2015. They subsequently spent another fortune renovating and upgrading every inch of the .69-acre, golf course-fronting property in a casually contemporary style. When taxes, maintenance costs and hefty realtor fees are considered, any remaining chance of profit would almost certainly be wiped out.