Forbes: Billionaire David Geffen Behind Purchase Of $68 Million Los Angeles Home
Earlier this year billionaire David Geffen cemented himself as a record holder in Los Angeles real estate when he sold his $165 million home to Amazon founder (and world’s richest man) Jeff Bezos—beating out all other California home sales to date.
Now Geffen has landed on the radar again by purchasing the Foothill Estate for about $68 million, according to the L.A. Times. The property had originally been asking $125 million and then came down in price to $82.5 million, but hadn’t found any takers until Geffen went into escrow on it last week. This is another property to add to the growing list of double-digit discounts for ultra-luxury homes that began when the coronavirus pandemic took hold.
Geffen is purchasing a site with extensive Hollywood history. Most of the land on which this home was built was purchased by studio executive Lew Wasserman and his wife Edie several generations ago. His grandson, Casey Wasserman (who helms the Olympic Committee for LA 2028), inherited the land and then purchased an adjoining lot—which had been previously owned by Frank Sinatra—to complete the 3.2 acre parcel. In 2016 Wasserman and his wife Laura had this 18,500-square-foot house designed by architects Richard Meier and Michel Paladino, the same names behind the famed Getty Museum.
This five-bedroom, 13-bath home is a subdued contemporary design, with a slatted exterior complementing the double-height industrial style glass walls. Some of the ceiling heights reach 10 and 12 feet to add drama and an airy feel to the indoors.
The listing is with Stephen Shapiro at Westside Estate Agency. Geffen was represented by Kurt Rappaport, also of Westside Estate Agency, according to the L.A. Times.
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