Downsizing? Lori Loughlin and Mossimo Giannulli have sold their house amid the college admissions scandal. According to Entertainment Tonight, the Full House alum and fashion designer’s Bel-Air home is in escrow two months after the couple pled guilty for their part in the nationwide college admissions scandal.
How much did Lori Loughlin and Mossimo Giannulli sell their house for?
However, though Loughlin and Giannulli’s original asking price was $28.65 million, the couple sold their Spanish-style home for much less. Still, Entertainment Tonight‘s source notes that Loughlin and Giannulli are happy with their deal and still made a profit from their sale. The Agency’s Arvin Haddad, who’s also featured in CNBC’s Impossible Listing, represented Loughlin and Giannulli. Entrepreneur Justin Mateen was the buyer of their home, according to Entertainment Tonight.
Why did Lori Loughlin and Mossimo Giannulli sell their house?
Loughlin and Giannulli first put their home on the market in January, with a source telling Entertainment Tonight at the time that the couple’s decision to sell their mansion came as a “shock” to those close to them. “Everyone seems shocked Lori and Mossimo would put their house up for sale in the midst of their legal troubles, but they’ve wanted to sell their home for a long time,” the insider said at the time.
The source continued, “They have been through so much in the last year, and selling hasn’t been their priority. At this point, the case is taking much longer than they originally thought, so they decided to put it on the market again. It is one step they are taking in an attempt to get back to their normal lives.”
The source also confirmed at the time that Loughlin and Giannulli’s decision to sell their home wasn’t because of financial troubles but something the couple had wanted to do for a while before the college admissions scandal turned their worlds upside down in March 2019. “They aren’t selling their home because they are cash strapped,” the insider said. “They are doing very well financially.”
When did Lori Loughlin and Mossimo Giannulli plead guilty to the college admissions scandal?
Loughlin and Giannulli pled guilty for their part in the nationwide college admissions scandal on May 21. Loughlin pled guilty to one count of conspiracy to commit wire and mail fraud, while her husband pled guilty for one count of conspiracy to commit wire and mail fraud, as well as honest services wire and mail fraud.
Per the deal they made with the U.S. Attorney’s Office, the Fuller House alum will spend two months in prison and have to pay a $150,000 fine. After her release, she will also be supervised for two years and need to complete 100 hours of community service. Giannulli, for his part part, will spend five months in prison and will have to pay a $250,000 fine. After his time is completed, he’ll serve two years of supervised release and need to finish 250 hours of community service.
When were Lori Loughlin and Mossimo Giannulli arrested for the college admissions scandal?
Loughlin and Giannulli were arrested in March 2019 after accusations that they paid bribes of $500,000, so their daughters, Bella, 21, and Olivia Jade, 20, would be admitted to the University of Southern California as crew recruits, even though neither daughter played the sport. The couple’s guilty plea came a month after a judge refused to drop their charges.