The 16,850‑sq‑ft Bel‑Air mansion at 638 Siena Way, bought by Squishmallows founder Jonathan Kelly for $26 million in 2023, is now listed for $38 million, a 45% discount from its original $47.5 million asking.
Kelly launched Squishmallows in 2017 and sold the company in two deals—first to Jazwares in 2020, then to a private investor in 2022. He used the proceeds to purchase the property before Los Angeles’s $5 million mansion tax took effect.
The listing agent, Marc Noah of Sotheby’s International Realty, says the asking price positions the home as an entry point for an area where foreclosures have recently sold for $130 million and where the nearest comparable, Casa Encantada, traded at $250 million in 2023.
Inside, the house offers eight bedrooms, eight full bathrooms, a media room, a wet bar, a wine cellar, an outdoor pool, and a spa, with views of the Bel‑Air Country Club fourth green and the Strip. Central air‑conditioning zones and stone flooring round out the luxury.
Kelly has never lived in the house, renting it out at a substantial rate, and says it’s time to exit. The property is now on the market, with Sotheby’s handling the sale and buyers expected to bid by the end of November.