Real Estate Industry News

The longtime home of Lee Iacocca, the late automobile visionary who developed the Ford Mustang and saved the Chrysler Corp. from bankruptcy, just traded hands in Bel-Air for $27.7 million.

Iacocca lived in the home for nearly three decades, entertaining guests such as Frank Sinatra and Ronald Reagan, before he died in 2019. His daughter sold the estate a year later for $19.5 million to Lilly Ghalichi, a reality TV star who appeared in the Bravo show “Shahs of Sunset.”

The sale marks a quick and successful flip for Ghalichi. She and her husband, Dara Mir, renovated the interiors during their two-year stay before listing it for $32 million in April and landing an offer less than a month later.

Italianate in style, the mansion is hidden behind gates at the end of a long, tree-lined driveway near Hotel Bel-Air. Four columns frame the entry, which leads to a grand foyer with double-height ceilings.

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The 10,700-square-foot floor plan also holds six bedrooms, seven bathrooms and a handful of formal spaces such as a wood-paneled den and temperature-controlled wine room. Second-story balconies overlook the landscaped grounds complete with a swimming pool and tennis court on over an acre.

Tyrone McKillen and Andrew Hurley of Compass held the listing. Ginger Glass and Christopher Cortazzo, also with Compass, represented the buyer.