Oil Tycoon, Kola Aluko Sells Los Angeles Home For $21.5M

Nigerian oil tycoon Kola Aluko has sold his Bel-Air, Los Angeles mansion, Los Angeles Times reports. Kola Aluko bought his contemporary LA mansion for $24.5million in 2012 but has sold it at a loss $21.5m. A rarity as landed properties rarely depreciate.

The controversial businessman is under investigations by Nigerian and European authorities for a series of money-laundering and fraud-related crimes.

He is a close associate of Diezani Allison, who is also under investigation by Nigerian and UK authorities.

Aluko’s former home- a contemporary-style showplace in the 700 block of Sarbonne Road, Los Angeles, was designed by architect Paul McClean and built in 2011.