Price of Khachatryan Family's American Mansion Reduced by $7.5 Million and Relisted for Sale

Former Minister of Finance and former head of the State Revenue Committee, Gagik Khachatryan's sons' luxurious mansion in America is back on the market, according to Hetq.

Initially listed for $63.5 million on April 7 of this year, the property was taken off the market on November 3 without having sold. However, just a few days ago—on November 30—the real estate has been relisted, but this time it is $7.5 million cheaper, listed at $56 million.

It is worth noting that in 2011, one of the expensive properties in the Holmby Hills neighborhood of Westwood, Los Angeles (address: 530 South Mapleton Drive) was purchased for $14.4 million by Khachatryan's eldest son, Gurgen, and the trust he managed called “Veto Trust.” In 2016, “Veto Trust” and its manager, Ted Tadevos Khachatryan, transferred the mansion to a company he ran called “WRH,” which is registered in Los Angeles. Ted Khachatryan is the executive and financial head, as well as the secretary of the company, while the directors are Artyom and Gurgen Khachatryan. Although the legal documents state that “WRH” owns the house, the actual owners are Gagik Khachatryan's sons.

In 2017, the Khachatryans constructed a new house at this address, with a living area of 3,126 square meters and a total real estate area of 5,224 square meters. The two-story new villa features 11 bedrooms, 27 bathrooms/water closets, a dining room, family room, staff quarters, a home theater, library, media/music room, lounge, office, wine cellar, basement, garage, laundry room, and a swimming pool in the yard. It should be noted, however, that the house is unfinished.

After the property was listed for sale in April of this year, in May, the U.S. Department of Justice, led by the country’s Attorney General, filed a lawsuit to seize the Khachatryans' mansion in the Central District Court of California, a case supported by American prosecutors. The American side claims that the Khachatryans acquired this mansion with illegal funds in 2011. Specifically, it refers to $22.401 million given to the Khachatryans by Sedrak Arustamyan, the CEO of Gagik Tsarukyan's “Multi Group” concern, which Armenian and American law enforcement officials consider a bribe (to gain favorable treatment from the State Revenue Committee led by Gagik Khachatryan at that time). Meanwhile, Arustamyan and the Khachatryans refer to it merely as a loan.

Prosecutors have filed a notice in the official records office of Los Angeles County indicating that there is an ongoing legal case regarding the listed property. This meant that the Khachatryans could sell their house, as it was not under lien; however, if the court decided to grant the prosecutors' request and seize the house, then the buyer acquiring the house from the Khachatryans would face the consequences.

For more details, refer to Hetq.