Lori Loughlin and her husband Mossimo Giannulli, who are heading for prison from the college admissions scandal, have downsized to a $9.5 million home after selling their Bel-Air mansion for nearly 50% of its original asking price. The couple are now looking beyond their upcoming prison terms and making plans to settle down in a far less expensive home in Hidden Hills, California.
They will still be living in luxury, though. The nearly 12,000-square-foot mansion, which has been described as a "contemporary farmhouse masterpiece," includes six bedrooms and nine bathrooms as well as a two-story foyer, formal living and dining room and a chef's kitchen, according to lifestyle and real-estate news site Dirt. Additional amenities include a walk-in wine cellar, movie theater, gym, pool and spa.
Loughlin and Giannulli used their Bel-Air mansion as collateral for their $2 million bail after they were arrested on fraud charges relating to the college admissions scam in which they allegedly paid college admissions consultant William "Rick" Singer $500,000 to fabricate parts of their daughters' University of Southern California applications so they could be admitted as fake rowing team recruits.
A 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.
Earlier this year, Loughlin and Giannulli pleaded guilty to conspiracy to commit wire and mail fraud. Loughlin has agreed to serve two months in prison, pay a $150,000 fine and complete 100 hours of community service.
Giannulli meanwhile, has agreed to serve five months, pay $250,000 and complete 250 hours of community service, according to People. The terms of the plea agreement is pending a judge's approval.
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