RH billionaire Gary Friedman bought a $15 million Beverly Hills mansion unfinished; three years later, he sold it unfinished for $24 million

When people imagine an exclusive house in Beverly Hills, they generally conjure an image of a house that is completely finished — floors, interior décor, and rooms all ready for presentation to the buyer. However, there was one case in California where the unfinished state of a house made it invaluable. The empty structure with its unfinished walls was a piece of valuable Los Angeles real estate, which had stunning views, land to die for, and potential to be turned into something totally new. The story about the sale of RH chairman and CEO Gary Friedman's Beverly Crest mansion worth $15 million was published by the Los Angeles Times. He sold his unfinished Beverly Hills home for $24 million in 2022, making a $9 million profit. For Friedman, whose career has centered on luxury design and spaces, the estate represented more than a residence; it was an opportunity tied to one of Los Angeles’ most valuable assets: rare land.

A mansion valued before completion

In Beverly Crest, Friedman found a unique property that was not in the usual state for such buildings. Instead of purchasing a ready-made house, Friedman bought an unfinished project. While the exterior of the building was ready, most of the interior was left unfinished, allowing the next owner to either finish the project or come up with something new.


The property was situated on 2.8 acres of land at the end of a cul-de-sac and offered spectacular views from downtown Los Angeles all the way to the ocean. The four-story building was initially designed back in 2013 by the architecture firm Marmol Radziner. However, at the time of the sale by Friedman, the interior of the property was still unfinished. In the realm of ultra-luxury real estate, unfinished property is not necessarily seen as a negative factor. On the contrary, sometimes it offers a rare opportunity for a wealthy buyer to purchase a piece of land and build his dream house.

From furniture luxury to real estate ambition

This was particularly special because of Friedman’s interest in design. He is the chairman and CEO of RH, previously known as Restoration Hardware, a brand specializing in premium furniture and interiors. The business environment in which he operates is largely about creating spaces with the right aesthetics. Hence, a high-end architecture project fits into his line of work. Just like in Beverly Crest, this property is designed for buyers interested in something more out of the box as opposed to an ordinary house. The property has all the ingredients required to attract buyers who love properties with great designs.

There has always been a trend in Los Angeles luxury real estate whereby scarcity determines the prices of properties. The large plots of land with views and privacy that are located in the hills of Los Angeles are becoming rare. For some of the top-notch clients, what the property becomes is worth the price. The mansion’s unfinished state also separated it from typical celebrity or billionaire home sales. Instead of competing as a move-in-ready residence, it entered the market as a vision, a blank canvas in one of California’s most competitive real estate areas.

When unfinished homes become luxury opportunities

The sale of Friedman’s Beverly Crest estate reflected how some luxury buyers value properties for their location, scale, and ability to be customized. In areas where large plots of land are increasingly scarce, unfinished estates can attract buyers who want to create a residence according to their own vision.

The Beverly Crest property offered exactly that kind of possibility. Although the mansion had not reached completion, its location, scale and views gave it a foundation that remained highly desirable. The Los Angeles Times reported that the estate’s four-story structure, hillside position, and expansive outlook over Los Angeles made it attractive even without finished living spaces.

The rising value of rare Los Angeles land

The mansion’s journey also reflected a broader reality of Southern California real estate: land scarcity continues to drive prices. In areas such as Beverly Crest, where privacy and large plots are difficult to find, buyers often view properties as long-term investments rather than simply places to live. While the completed luxury house is an asset for those who want convenience, the unfinished luxury house means something else. It allows future owners to choose their own architectural and interior design as well as other features that are desirable for the most exclusive clients. Friedman ultimately chose to divest from the property rather than oversee its completion.

Luxury homes as evolving investments

In terms of high-end purchasers, an estate property can be both an investment and a project of design and statement. Issues such as location, privacy, architecture, and future customization may have some impact on valuation besides the finished interior. As competition in the luxury property market increases, the unique properties keep getting noticed due to the fact that they provide something that cannot be duplicated.