A legendary Beverly Hills mansion has returned to the market with a major price reduction.
Despite the price slice, the listing is still one of the most expensive pieces of properties in the country: The Hearst Estate can now be had for $89.75 million.
The Mediterranean-style home, which has starred in movies, hosted gala events, and welcomed historic figures, came on the market about a year ago with a hefty $125 million price tag.
It had previously been listed in 2018 for $135 million. But even those sky-high asking prices were discounts from the property’s peak price.
Back in 2016, its owner, Leonard Ross, tested the market with the stratospheric price tag of $195 million. Since then, after facing millions of dollars of mounting debt on the home, he put the property into bankruptcy, prompting the lender to force a sale, the Los Angeles Times noted.
For buyers in search of rare properties at the upper echelon of the housing market, these deluxe digs would be quite a trophy.
Described as “one of L.A.’s most iconic and legendary homes” in the listing, the grand mansion was built by Gordon Kaufmann, the architect of Hoover Dam, in 1926.
Set at the end of one of the city’s longest private driveways, the ornate estate is pure Old Hollywood. The H-shape architecture opens to “long colonnades, wide balconies, arched floor-to-ceiling windows, and cavernous spaces,” Architectural Digest states.
It was the former residence of the newspaper magnate William Randolph Hearst and the actress Marion Davies, who were recently depicted in the Oscar-nominated film, “Mank.” The film recreates Hearst Castle, in San Simeon, north of L.A., in glorious detail.
In fact, the billiard-room’s huge carved stone fireplace and intricately paneled ceiling were brought from the famous castle when they moved in.
The main house, with eight bedrooms and 15 bathrooms, offers opulent living spaces.
Within its 29,000 square feet, you’ll find a formal living room with a 22-foot high, hand-painted ceiling, as well as a historic two-story, wood-paneled library. There’s also the billiard-room, an art deco nightclub, tiled dining room, two projection or screening rooms, and entertaining areas that can accommodate a whopping 1,000 guests, the listing attests.
Other spaces include a family room, kitchen, breakfast area, master bedroom with walk-in closet, and a wine cellar.
reportedly threw herself a Gatsby-esque party in the lavish spot for her 31st birthday in 2019.
The regal residence also had a starring role in Beyoncé’s “Black Is King” video.
Gary Gold with Hilton & Hyland holds the listing.
The post Hearst Estate in Beverly Hills Returns, With Massive Price Cut, at $89.75M appeared first on Real Estate News & Insights | realtor.com®.