Tags: lori loughlin | bel-air mansion sale | college admissions scandal

Prison-Bound Lori Loughlin Sells Mansion for Discount

Lori Loughlin and Mossimo Giannulli are show leaving a court hearing
(Joseph Prezioso/Getty Images)

By    |   Monday, 13 July 2020 03:31 PM

Lori Loughlin and Mossimo Giannulli, who are heading for prison from the college admissions scandal, have sold their California mansion for far less than they were hoping for, according to reports.

The couple were asking for $28.65 million on their 12,000-square-foot Bel-Air estate, which was listed in January, but sources told Variety that the sprawling property was sold off for an estimated $18 million to Tinder co-founder Justin Mateen.

Loughlin and Giannulli purchased the mansion for just under $14 million in 2015 then listed it for $35 million two years later. The couple took the property off the market in 2018 and later used it as collateral for their $2 million bail after they were arrested on fraud charges, People reported.

At the time, U.S. District Judge Alexander MacKinnon allegedly told Giannulli that if he violated his terms of release, the government could foreclose the property, which includes six bedrooms and nine bathrooms.

"They are still making money from the sale, just not as much as they hoped for," a source told People of the sale. "The house is spectacular with views of the Bel-Air Country Club."

Loughlin and Giannulli resigned their memberships from the exclusive country club in June after the board unanimously voted to suspend their membership, according to a letter by past club president Michael Gallagher, which was obtained by TMZ

"This unprecedented board decision to allow felons to continue as members causes irreparable reputational harm to the Club and its members,” Gallagher, who wanted them kicked out, not suspended, wrote.

"The board action, taken on behalf of the Club's membership, now establishes our Club as a place of refuge and comfort for known felons," he continued. "This matter is already well known in the golfing world, domestically and internationally, and our Club has become a laughingstock."

Loughlin has pleaded guilty to one count of conspiracy to commit wire and mail fraud while Giannulli pleaded guilty to one count of conspiracy to commit wire and mail fraud and one count of honest services wire and mail fraud.

Loughlin has agreed to serve two months in prison, pay $150,000 fine and complete 100 hours of community. Giannulli has agreed to serve five months, pay $250,000 and complete 250 hours of community service, according to People. The terms of their plea agreement is pending a judge's approval.

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Lori Loughlin and Mossimo Giannulli, who are heading for prison from the college admissions scandal, have sold their California mansion for far less than they were hoping for, according to reports.
lori loughlin, bel-air mansion sale, college admissions scandal
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2020-31-13
Monday, 13 July 2020 03:31 PM
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