One of the most famous estates in Los Angeles changed hands late this summer, bringing to a close a story that started back in the early years of the last decade. The property, which was once owned by publishing magnate William Randolph Hearst, closed at $63.1 million at auction recently. The sale set a record for priciest residence to ever sell at auction.
The buyer was billionaire investor Nicolas Berggruen. Previous pages of note for the 29,000 sq. ft., 3.53-acre property’s storied past include its service as a shooting location for an early scene in the film The Godfather, and as a honeymoon location for President Kennedy and Jackie O.
The home’s recent history on and off the open market constitutes a protracted effort that began at least seven years ago. The estate’s price peaked in 2016, when it asked $195 million. By this past May, it was listed at $90 million. Just two months later, with bankruptcy looming, it saw a price snip which left it asking $70 million, a last-ditch effort before it went under the gavel.
The house’s details and amenities make for an engaging tour. Along the way is an art deco nightclub; a two-story, wood-paneled library; a billiards room; plentiful carved wood and stone; period light fixtures; a living room with a soaring, hand-painted coffered ceiling, and an extravagant pool area.
Berggruen’s net worth is north of $1.5 billion.