French luxury-goods magnate François Pinault paid $16.5 million for a 6,400-square-foot home in Bel Air, an exclusive section of Los Angeles, according to two people close to the deal. The seller was Ronnie Sassoon, widow of hair industry tycoon Vidal Sassoon.

Known as the Singleton House, the home was built by noted architect Richard Neutra in 1959, having been commissioned by industrialist Henry Singleton. It is located up a 300-foot-long gated driveway on a 5-acre knoll that overlooks the city below, from downtown Los Angeles to the Pacific Ocean.

According to the listing, the house has four bedrooms and five bathrooms and opens onto courtyards. The property has a pool, spa and gardens. The stones in the garden were arranged by sculptor Isamu Noguchi. There are walls of glass throughout the home and the master suite has a sitting room, a Japanese soaking tub and a steam room.

The Sassoons bought the home in 2004 for $6 million, according to public records. Mr. Sassoon died last year. The home was listed late last year for $17.99 million. Mr. Pinault owns many retail brands including Gucci as well as Christie’s auction house. A billionaire, Mr. Pinault is also known for owning one of the biggest contemporary art collections in the world.

Kurt Rappaport of Westside Estate Agency represented the seller. Ms. Sassoon did not return a request for comment.

Click here to read the article on the wsj.com