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Young Chinese Buy $70-Mil. BH Mansion at Half Price
By wchung | 05 Jun, 2025
A young Chinese entrepreneur and his wife bought one of the grandest mansions in Beverly Hills for $34.5 million, about half the initial asking price, according to China Times.
The buyers are Ning Siqiao and his wife Karen whose business is based in China but who travel abroad frequently.
The 36,000-square-foot, 9-bedroom, 13-bath French paladian-style mansion sits on two acres overlooking Sunset Boulevard. Its luxe touches include a two-story entry, a double staircase of onyx marble, imported hand-carved limestone, French chandeliers, agate and 24-karat gilding on walls, ceilings and the library.
The property was built by real estate developer Fred Wehba and listed for sale for $68.5 million in the summer of 2008. The price was cut to $55 million last year, and again this February to $49.5 million.
The seller was represented by Jade Mills of Coldwell Banker Previews International and Mauricio Umansky of The Agency. The Nings were represented by Joan Cohen of Sotheby’s International Realty.
The Ning’s new home makes others in the leafy neighborhood look like starter homes, including the one bought for $22-million by soccer star David Beckham during the real estate bubble.
Many large homes in Southern California are going increasingly to Chinese who like the proximity of one of the world’s largest Chinese populations outside China. Chinese now make up the second largest group of foreign buyers of US real estate, just behind Canadians. The most expensive apartment in Manhattan was bought in 2010 for $33.2 million by another Chinese couple.
This French paladian-style Beverly Hills mansion was bought in late May of 2012 for $34.5 million by a young Chinese couple.
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