Hot Property: Action, embezzlement and intrigue in the Hollywood Hills
LOS ANGELES - In 2012, Malaysian businessman Jho Low turned heads when he dropped a whopping $38.98 million on a Hollywood Hills mansion, redefining what a home could sell for in the celebrity-filled neighborhood.
Not long after, a federal investigation alleged that Low bought the showplace with money embezzled from the 1Malaysia Development Berhad fund. Accused of masterminding a scheme that stole $4.5 billion, Low fled the country and federal authorities reached an agreement to list the property for $24.5 million - a staggering $14.48 million shy of what Low paid a few years earlier.
After almost a year on the market, it's finally sold for $18.5 million.
Low, a high roller who partied with Paris Hilton and poured $100 million into Martin Scorsese's film "The Wolf of Wall Street," briefly stayed in the home before skipping town. It was originally owned by
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