WEA in the Wall Street Journal
Paramount Chairman and Chief Executive Brad Grey and his wife Cassandra Grey are selling their 10,600-square-foot house in Bel Air for $27.5 million, according to listing agent Stephen Shapiro of the Westside Estate Agency.
The traditional white brick home sits on 1.1 acres and has five bedrooms and eight bathrooms. It also has a wood-paneled library with a bar and fireplace, an open kitchen with an attached breakfast room, a formal dining room, and a master bedroom with separate his and her bathrooms, as well as a patio that overlooks the garden. Outside, there’s a terraced pool area and manicured lawns. The home has an entrance gate and motor court. Tall hedges between 20 feet and 50 feet surround the home.
Mr. Grey bought the home in an off-market transaction in 2009 for $22 million, according to public records, and then made several additional changes to it: he re-landscaped; he added professional projection to the living room so it could also function as a screening room; he renovated the dining room; and he added a sitting room upstairs as well as several other décor touches that “dramatically improved the home,” says Mr. Grey’s broker, Mr. Shapiro.
The home was built in 2006 by Los Angeles-based architect Richard Manion for its previous owners, Stephanie Booth Murray, the great-great-granddaughter of Harrison Gray Otis, first editor of the Los Angeles Times and founder of the Times Mirror Co., and Palmer Murray, president of independent investment advisory and financial planning firm LourdMurray, says Mr. Shapiro. Mr. Murray did not return a request for comment.
The Greys are now selling the home because they have decided to build a new house on a 2.3-acre property in Los Angeles’s Holmby Hills, says Mr. Shapiro, who also brokered that transaction for Mr. Grey. Mr. Grey bought that property, which Frank Sinatra owned in the 1950s, in November 2010 for $18.5 million. He and Mrs. Grey got married there in 2011. They put the property on the market later that year but have now decided not to sell it and instead build a modern home there after going through a planning and design process with Howard Backen, a Napa Valley-based architect who has built homes for Steve Jobs and Jeffrey Katzenberg. Mr. Grey declined to comment through a spokesman.
