Photo Credit: Lori Loughlin/Instagram
Lori Loughlin’s headed off to the slammer pretty soon for her role in the college admissions scandal where she paid a half million to get her child into USC. Her sentencing is scheduled for August 21st, not exactly the July 30th date she asked for. The relevance is that Loughlin and her husband Mossimo Giannulli just sold their home at a full $10 million loss. It was originally listed at $28 million but sold for $18 million.
Sources close to the couple have said the Loughlin-Giannulli family selling their home at such a loss has nothing to do with their case, although that’s hard to believe given how they sell their home every 3-5 years as they’re serial flippers. The purpose of flipping is to make a profit, not to lose money. They originally tried to sell the home in 2017 but had to take it off the market in 2018. In fact, in 2018 they listed it for $38 million. That means they took an even bigger loss than expected. They paid $13 million for it and only made a $5 million profit in the end. So what’s the problem? Are they just not able to make the payments anymore? Now that would make for an interesting story.
As for the home itself, it’s 12,000 square feet in Beverly Hills sporting 6 bedrooms and 9 bathrooms. It was listed by Arvin Haddad of CNBC’s “Listing Impossible” while Josh Flagg of Bravo’s “Million Dollar Listing Los Angeles” and Rodeo Realty so that’s a double television whammy they got for the same house. The home’s been purchased by Tinder co-founder Justin Mateen who really lucked up here. Another privilege Mateen may get to luck up on is being to join the Bel-Air Country Club where Loughlin and her husband have their memberships suspended until they have their sentences completed. We’ll be reporting more on this case as it unfolds.
