Lori Loughlin and Mossimo Giannulli Sell Bel-Air Mansion amid College Admissions Scandal: Source
"They are still making money from the sale, just not as much as they hoped for," a source tells PEOPLE
The couple, who recently resigned from the exclusive Bel-Air Country Club in the midst of the college admissions scandal, listed the house for $28.65 million in January. Although the exact sale price has not yet been recorded, a real estate source tells PEOPLE the property was sold for considerably less.
"They are still making money from the sale, just not as much as they hoped for," the source tells PEOPLE. "The house is spectacular with views of the Bel-Air Country Club."
Loughlin, 55, and Giannulli, 57, purchased the home in 2015 for just under $14 million. They originally listed it for $35 million back in 2017, although they took it off the market the following year. They went on to use the property as collateral for their $2 million bail for the fraud charges.
The 12,000 square-foot mansion includes six bedrooms and nine bathrooms, a large swimming pool, outdoor courtyard, two living rooms, formal dining room and an eat-in chef's kitchen.
A Loughlin source also tells PEOPLE that the couple owns a beach home in Orange County, where they are believed to be staying.
Although Loughlin and Giannulli put their mansion on the market in the midst of the college admissions scandal, a source previously told PEOPLE that they were in no rush to make a sale and would take their time to find the right buyer.
"They don't need the money," the source said at the time. "They are stressed about a lot of things, but money isn't one of them."
Another insider previously noted, "Mossimo has been buying, refurbishing and renovating and selling houses for over 20 years."
RELATED VIDEO: Lori Loughlin & Mossimo Giannulli 'Deeply Regret What They Did' in College Admissions Scandal: Source
The Full House actress and her husband became embroiled in the high-profile scandal when they were accused of paying $500,000 to Rick Singer and Key Worldwide Foundation to falsely designate their daughters Olivia Jade Giannulli, 20, and Isabella Rose Giannulli, 21, as recruits to the University of Southern California crew team, even though neither of them ever participated in the sport.
On May 22, Loughlin confessed to one count of conspiracy to commit wire and mail fraud, while Giannulli pleaded guilty to one count of conspiracy to commit wire and mail fraud and one count of honest services wire and mail fraud.
Under the terms of the deal, which is still pending the judge's approval, the mother of two agreed to serve two months in prison (though the coronavirus pandemic could affect that time), pay a $150,000 fine and do 100 hours of community service, while Giannulli agreed to serve five months, pay $250,000 and do 250 hours of community service.
Both Loughlin and Giannulli could also spend two years on supervised release. Their sentencing has been scheduled for Aug. 21.
"They are spending the summer in Los Angeles with Olivia and Bella. They are still stressed about the sentencing and can't wait for it to be over," an insider previously told PEOPLE.