Billionaire Nicolas Berggruen Pays $63.1 Million at Auction for L.A.’s Storied Hearst Estate
After 162 days on the market, one of the most iconic properties in Los Angeles was auctioned off. After 71 inquiries, 41 private screenings, 12 written offers, and five overbids, the recently renamed Hearst Estate - formerly known as Beverly House, for its prime location on North Beverly Road in Prime Beverly Hills - remitted $ 63.1 million. And while this is a huge discount off the original asking price of $ 89.75 million in April and even off the almost $ 70 million discounted price in June, it's still the most expensive home ever to be auctioned was sold well in front of the Villa Firenze in Beverly Park. auctioned last April for $ 51 million to Bel Air life sciences entrepreneur Roy Eddleman.
"We knew when we cut the property a few months ago it was likely to sell for $ 55 million to $ 65 million," said Amalfi Estates' Anthony Marguleas, who runs the Hearst Estate with Hilton's Gary Gold & Hyland has listed. and Zizi Pak and John Gould, both from Rodeo Realty. "The fact that we got $ 63.1 million was fantastic."
The new owner of the huge estate is Paris-born billionaire and philanthropist Nicolas Berggruen - founder and chairman of the Berggruen Institute, a think tank that focuses on developing ideas and designing political, economic and social institutions for the 21st end of August the property was approved for $ 47 million in bankruptcy proceedings. Since the accepted offer was subject to an overbid, the auction date was set for 14 September; the opening offer should be $ 48 million. Due to the high level of interest, the judge started the tender at $ 52.1 million and increased from there in increments of $ 100,000.
According to Marguleas, the auction started with five overbidders; the first two were down at $ 53.1 million and the third was down at $ 56.2 million. There was a fight between the Mani Brothers from L.A. and Berggruen; The latter won and the escrow is expected to close by the end of September.
Designed by famous architect Gordon Kaufmann and built in 1927 by bank director Milton Getz, the eight bedroom, 15 bath property was purchased by Marion Davis in 1946 for her partner, newspaper magnate William Randolph Hearst, for around $ 120,000. John F. Kennedy and Jacqueline Kennedy reportedly honeymooned at the house, and parts of "The Godfather" and "The Bodyguard" were filmed there during the warranty years. More recently, it has been the location of Adele's 31st birthday party and filming of Beyoncé's "Black is King" video.
The current owner - lawyer, financier and real estate investor Leonard Ross - bought the property in the 1970s and owned it for over 40 years. He first launched the property in 2007 when he was in financial trouble, asking for $ 165 million and later inexplicably increasing the purchase price to $ 195 million. According to Marguleas, the property has been in and out of bankruptcy for about 10 years. Another property owned by Ross next door at 1013 N. Beverly Drive is also on the market for $ 15.5 million in separate bankruptcy proceedings.
Nestled on a promontory at the end of an 800 foot long driveway, the main house has nine bedrooms and 15 bathrooms spread over 29,000 square feet. Highlights include a billiards room with herringbone parquet floors, a fireplace, and espresso-stained ceiling made from the same materials used in the construction of Hearst Castle, as well as a formal living room with a 22-foot-high, hand-curved painted ceiling, and a two-story, hand-carved library . There is also an Art Deco nightclub and two projection rooms.
Several outbuildings include two guest / staff apartments and a five-bedroom gatehouse, while the 3.5-acre site features an Olympic pool flanked by two reflective pools and a tennis court amid manicured lawns and waterfalls.
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William Randolph Hearst
American newspaper publisher (1863-1951)
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