Jonathan Kelly Listed Bel-Air Mansion for $38 Million
The 16,850-square-foot estate was purchased by the toy executive in 2023 for $26 million.
Updated on Oct. 2, 2026 in Residential
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Jonathan Kelly has officially placed his Bel-Air mansion at 638 Siena Way on the market with an asking price of $38 million. The expansive property features eight bedrooms and 11 bathrooms across its 16,850 square feet of living space.
Why it matters
The listing marks an attempt by Kelly to exit his real estate investment after never occupying the home he bought just two years ago. The decision highlights the shifting dynamics for luxury properties in the Los Angeles market.
The residence sits on a parcel near the Bel-Air Country Club and was constructed in 2022. It was previously offered for rent in 2024 at a rate of $125,000 per month.
The players
Jonathan Kelly
He is an executive associated with the toy industry, notably known for his work with Kelly Toys and the development of the Squishmallows brand.
Marc Noah
He is a professional real estate agent with DRE who is managing the listing for the Siena Way property.
The details
Marc Noah of DRE represents the property, which Kelly acquired for $26 million in 2023. Although the home was previously listed as a rental, the owner has opted to pursue a sale rather than continue leasing the residence.
Timeline
2017: Kelly Toys launched the Squishmallows brand.
2020: The Kelly family began selling the firm to Jazwares.
2022: The house was built.
2023: Jonathan Kelly purchased the property for $26 million.
2024: The home was listed for rent.
Roadmap
The sale of this luxury estate is subject to the city's $5 million threshold for L.A. mansion tax, which continues to impact high-end transactions across the region. This listing follows a broader trend of spec-built homes in Bel-Air reaching extreme valuations, such as other nearby estates priced well over $100 million.
The property sale will trigger significant transfer tax payments for the city due to the mansion tax applied to sales over $5 million. Prospective buyers in the area should note that such luxury inventory often remains on the market for extended periods before reaching a final deal.
The takeaway
High-end real estate investors in Los Angeles must account for the city's substantial mansion tax when pricing assets for sale. Keeping luxury properties vacant as investment vehicles can carry significant holding costs in the current economic climate.
Further reading
For more information on the current housing market, visit Residential.
Source note: This article includes information reported by The Real Deal New York.
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