Photo: Simon Berlyn; Inset: J. E. Purdy/MPI/Getty Images
An iconic piece of Los Angeles history officially sold this week for $63.1 million after more than a year on the market, several price cuts and an accepted offer of $47 million last month.
The Hearst Estate in Beverly Hills had last been listed for $69.95 million in June — when it took a nearly $20 million price cut from its previous$89.7 million listing price in April.
On Tuesday, the home was subject to an “overbid,” an auction to confirm the sale, despite having the accepted offer. There were five overbidders at the auction, PEOPLE can confirm, and the home went to the highest bidder, who offered $63.1 million.
The property’s owner, attorney Leonard Ross, originally attempted to sell the property for $195 million in 2016, according toThe Los Angeles Times. As of June, Ross had racked up more than $50 million in debt on the estate, and his lender, Fortress Investment Group, successfully petitioned the bankruptcy court to force the sale.
Anthony Marguleas ofAmalfi Estates, Gary Gold of Hilton & Hyland and Zizi Pak ofRodeo Realtyshared the listing.
Simon Berlyn
Previously known as the Beverly House, it’s seen some notable visitors over the years, including Jacqueline and John F. Kennedy, who spent their honeymoon at the estate in 1953. It would later serve as the West Coast campaign headquarters for the future president and first lady. The massive property also provided filming locations forThe Godfather(1972) andThe Bodyguard(1992).
Sitting on 3.5 acres, the salmon-colored structure is shaped like an H, with two guesthouses, a pool house and a two-story guesthouse. The most recent expansion wascompleted in the 1990s.
The 29,000-square-foot main house features 22-foot hand-painted ceilings, a two-story wood-paneled library, two screening rooms and an Art Deco nightclub, complete with a bar salvaged from Hugh Hefner’s L.A. supper club Touch, which closed in 1986.
A billiards room has original herringbone floors, as well as a stone fireplace from Hearst’s former home, the iconic Hearst Castle in San Simeon, California.
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source: people.com
