Once listed for $30 million, a motorcyclist’s mansion sells for $6.5 million

Retired Grand Prix motorcycle racer John Kocinski isn’t exactly riding off into the sunset after selling his mansion in the Bird Streets. The home was auctioned off for $6.526 million — just 22% of his original price tag of $30 million.

The buyer is Michael Shabani, founder of the real estate investment firm Crown Equity. About 15 people showed up to the auction, held in the home’s living room on Saturday, and Shabani won a bidding war against Josh Altman, a luxury real estate agent with Douglas Elliman.

“Michael isn’t even sure what he’s planning to do with the home yet,” said Patrick Fogarty of Hilton & Hyland, who represented Shabani in the deal. “But at that price, he had to purchase it.”

Records show Kocinski bought the property for $2.3 million in 2004 and developed a Mediterranean-style mansion, which was finished in 2019. He tapped architect Richard Robertson III for the project, who also handled the Fleur de Lys, a 45,000-square-foot mega-mansion in Holmby Hills that sold for $102 million in 2014.

This one’s a bit smaller, at roughly 8,000 square feet, but makes the most of its space with four bedrooms, 5.5 bathrooms, a movie theater, library and 800-bottle wine cellar. White stucco and clay tile cover the exterior, and the flagstone motor court leads to a dramatic double-door entry topped by a balcony.

Inside, coved ceilings hang over hardwood floors in the living spaces. Teal-colored windows and doors offset the crisp white walls. Out back, a dining terrace and swimming pool take in views from downtown L.A. to the ocean.

Kocinski raced from the late 1980s into the ’90s, winning a Grand Prix World Championship in 1990 and a Superbike World Championship in 1997.

Bob Hurwitz of Hurwitz James Co. held the listing. DeCaro Auctions International handled the auction.

Once listed for $30 million, a motorcyclist’s mansion sells for $6.5 million