Sam Nazarian lists Bel-Air estate for $33.5 million

Illustrating the surging market for high-end real estate in Los Angeles, nightclub and restaurant mogul Sam Nazarian has purchased a Bel-Air estate from Paramount Chief Executive Brad Grey for $25 million and simultaneously listed it for sale at $33.5 million.

Masked by tall privacy hedges, the gated Traditional-style house was designed by Richard Manion and completed in 2006.

The home, which has 10,616 square feet of space, is entered through a two-story foyer that opens to a formal living room and theater. Other public areas include a wood-paneled library with a wet bar, a chef’s kitchen and a gym.

The master suite has his and hers bathrooms and closets for a total of five bedrooms and eight bathrooms. There’s also a separate security office and a pilates studio with a bath.

Outdoors, grounds of more than an acre contain formal gardens, large expanses of lawn and a swimming pool with a spa. A large motor court sits at the front of the home.

Grey bought the house in 2009 for $22 million, records show. In 2000, the home went for $8.93 million.

Nazarian recently spun off the real estate development side of his company, SBE, creating a new subsidiary called Dakota Development. The Los Angeles-based company will include a new division focused on buying, developing and renovating high-end residential estates.

He founded SBE Entertainment Group, an investment and holding company with interests in high-end restaurants, real estate and hotels, in 2002.