The national housing market has calmed down, but in Los Angeles, the tight market is still smashing price records. Heiress of the Formula 1 racing empire sold her home for $ 119.75 million last July. In December, Lachlan Murdoch paid $ 150 million for a Bel Air home.
The newest buyer at the summit: Jeff Bezos, president of Amazon and the richest person in the world.
Mr. Bezos has appointed a new high for a California home, paying $ 165 million to buy Beverly Hills property owned by David Geffen, media director and co-founder of DreamWorks, according to two people familiar with the purchase.
That was not all. In a separate deal, Business said, Bezos Expeditions, which oversees the Washington Post and the Mr. Bezos Charitable Foundation, required the purchase of 120 unexploited acres in Beverly Hills for $ 90 million. The land was put on the market for $ 150 million in 2018 by Paul Allen, co-founder of Microsoft, who died that year. Recently, the asking price was $ 110 million.
Both deals are in the contract stage and not final.
The Incredibles spend huge sums for some of California’s leading real estate. Mr. Murdoch, CEO of Fox Corporation, has bought Chartwell, which television viewers may remember as a clampits house in Beverly Hills. Petra Ecclestone, whose father was Bernie Ecclestone, has been running Formula One for more than 40 years, selling manor. Television producer Aaron Spelling built the mansion in the city’s Holumbi Hills neighborhood in 1988.
For Mr. Bezos, Warner Estate, which was designed in the 1930s for Jack Warner, was the president of Warner Bros Film Studio. One of approximately 13,000 square feet of house is one of the major palaces built during the golden age of Hollywood.
Warner’s first home was not built on nine acres. When he married his second wife, Ann, she asked him to demolish the first house and replace it with a new home, according to “The Legendary Estates of Beverly Hills,” by Jeffrey Highland, a long-standing luxury real estate agent in Los Angeles.
Warner spent more than a decade building the palace, and unlike other movie diameters of that era, he did not give her a great name for mimicking European aristocracy. He simply called himself. The Revival Georgian estate is designed to host fascinating Warners parties, with guests like Albert Einstein and Howard Hughes.
Mr. Highland said in an interview that the property also included a nine-hole golf course, which Mr. Geffen removed when he renovated the foundations. The next house also had a nine-hole playground, allowing Warners and their neighbors to play 18 holes in central Beverly Hills.
“The property is great,” said David Barnes of the agency, a luxury real estate broker in Beverly Hills, who was not involved in the Warner real estate deal. It is the land. It is history. It is the whole experience. “
Warner died in 1978, but Ann Warner largely preserved real estate and lived there until 1990, when Mr. Geffen paid $ 47.5 million for it – a record at the time for a Los Angeles area home. Mr. Geffen recently bought $ 30 million in the Trousdale Estates division of Beverly Hills, where he plans to build a new home, according to a source familiar with the deal.
Warner real estate never officially came to the market, but one person familiar with the deal said it was quietly shopping for $ 225 million. Warner Estate, which was previously reported by the Wall Street Journal on its sale to Mr. Bezos, is emerging from speculative glass-box homes that have flooded the domestic market. Included in the $ 100 million range, they often took years to sell or require sharp price cuts.
“Today everyone wants to see classic architecture,” said Mr. Highland. “They want material. They want space.” He and his business partner, Rick Hilton, have the most expensive existing list in the region, Conrad Hilton’s $ 225 million, eight and a half acres property in Bel Air.
Stephen Shapiro, an agent of Westside real estate agency in Beverly Hills, said that buying Bezos is likely to boost confidence in the market but many homes are still built on speculation.
He said: “The specifications homes being built are equivalent to many of the apartments being built in New York.” Record-breaking homes are “unique homes.”