BEVERLY HILLS—A man who was arrested and served time for his role in the 2019 college admission scandal is listing two Beverly Hills mansions for a combined total of $38 million, as reported by the Wall Street Journal.
Robert Flaxman, CEO of Crown Realty & Development, was sentenced and recently served, one month in prison after pleading guilty to one count of conspiracy to commit mail fraud and honest services mail fraud. According to a press release from the United States Department of Justice, Flaxman conspired with William “Rick” Singer to fraudulently increase his daughter’s ACT exam score.
The two properties Flaxman will soon list are next to each other and have historic value as they lay in the shadow of the Greystone Mansion. The Greystone Mansion is a historic landmark, featured in television shows and movies, and is built in a Tudor revival style with formal English gardens.
The listing agent for the two properties, located on Stonewood Drive, told the Wall Street Journal if the properties were to be combined and developed, the value could reach up to $100 million. Flaxman bought one of the properties in 2017 for around $12 million, which the listing agents detailed as a four-bedroom red brick home, with multiple fireplaces, a pool, a bar.
In 2019, Flaxman bought the neighboring property for around $11 million from his neighbor despite the property never being officially on the market. Flaxman arranged a deal with his neighbor that upon the neighbor’s death he would purchase the home. If a buyer were to purchase the third home on the Stonewood Drive cul-de-sac, the entire street could be privatized into a gated private property.
During the college admission scandal, Flaxman paid $75,000 to Singer’s sham charity and in return, his daughter took the ACT with the advice and guidance of a third conspirator, Mark Riddell, according to the DOJ. Singer was able to orchestrate this through a corrupt ACT administrator in Texas.
In January 2020, Flaxman put his Laguna Beach home on the market for $18 million. He originally intended on developing the two properties himself, but decided to move into a large Malibu ranch.
Lori Loughlin, another parent involved in the college admission scandal who plead guilty, recently sold their Bel Air mansion for $10 million below the original asking price of $28.7 million to Tinder co-founder Justin Mateen.