The Beverly House, a legendary Los Angeles estate once owned by newspaper mogul William Randolph Hearst, was sold in an auction held on Tuesday. The winning bid stood at just over $ 63.1 million, according to people familiar with the deal.
Listing agent Gary Gold of Beverly Hills-based brokerage firm Hilton & Hyland declined to comment on the price, but said the auction process established a clear market value for an area with few comparables .
“It seemed like everyone was very happy with the result,” Gold said.
The future of the 29,000-square-foot mansion was cemented in August when it was announced that it was to be auctioned on September 14 with an accepted bid in hand for $ 47 million. Intense interest in the auction helped push the price even higher, with six parties participating, Gold said. “It was quite the scene. You have all these people bidding at the same time. There was a lot of interest in the property.
The 3.5-acre resort had rebounded in the real estate market for more than a decade before the sale. Attorney-investor Leonard M. Ross had owned the estate for more than four decades, and it had been listed for as much as $ 195 million, which at the time included an additional house and square footage.
Designed by architect Gordon Kaufmann, the expansive estate was originally built in 1926 for banker Milton Getz. Considered one of the finest homes in Los Angeles, the sprawling residence has intricately carved ceilings, wood-paneled walls, and a 50-foot entrance hall with loggia. Other highlights include a 22-foot-high hand-painted vaulted ceiling and a two-story bookcase wrapped in hand-carved woodwork.
Gold, who sold the Playboy Mansion in 2016 for $ 100 million, called the Beverly House sale one of the most rewarding of his career.
“I consider this to be my third Super Bowl ring. There are ten legendary estates in the Westside of Los Angeles, and in the past five years I’ve sold three.
As well as being another feather in Gold’s cap, the sale is the latest in a series of high-priced luxury sales in Los Angeles this year. Among the biggest deals of 2021 was the $ 61.5 million contract for the Barron Hilton Estate and Villa Firenze, a massive Beverly Park resort, which was auctioned in April for $ 51 million.
Hilton & Hyland is a founding member of TBEN Global Properties, a consumer market and a network of elite broker members selling the world’s most luxurious homes.