KUALA LUMPUR (March 21): After spending almost a year on the market, a mansion perched atop the Hollywood Hills that was purchased by Low Taek Jho (Jho Low) for a record US$38.98 million (RM175.69 million) in November 2012 was finally sold — for US$18.5 million, reported the Los Angeles Times.

The property, located on the Birds Streets, was purchased by the flamboyant playboy with illicit funds from 1Malaysia Development Bhd, according to the US Department of Justice.

According to the report, the mansion sits inside a sprawling compound over an acre wide; a long driveway leads to an approximately-13,000 sq ft home containing six bedrooms, a glass garage that can fit up to four cars, a spa complex, a swimming pool, and a guard house.

Bloomberg reported that the house is in a delapidated state, with court documents showing that it would cost US$690,000 a year in insurance, maintenance and taxes.

It was originally listed for US$24.5 million by US federal authorities, with proceeds from the sale to be repatriated back to Malaysia, reported Variety.

The house was one of the fugitive financier's many purchases with money siphoned from the scandalised fund — other more notable purchases include the US$250 million yacht Equanimity (renamed Tranquilty after it was purchased by Genting Malaysia Bhd for US$126 million), a Bombardier jet that currently is grounded at Singapore's Seletar airport, over US$100 million on rare artwork including the works of Pablo Picasso and Jean-Michel Basquiat, and a further US$100 million to fund 'The Wolf of Wall Street', a movie produced by Riza Aziz, the stepson of former prime minister Datuk Seri Najib Razak.

They are all facing charges in relation to 1MDB and the alleged embezzlement of its funds.