The Iconic Hearst Estate Has Sold for $63.1 Million to a "Homeless Billionaire"
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After sitting on the market for 162 days, the legendary Hearst Estate in Beverly Hills finally has a new owner. Philanthropist, think tank founder, and investor Nicolas Berggruen has become known as the "homeless billionaire" for his jet-setting lifestyle and lack of a home base has found a permanent address after a bidding war with five other potential home buyers in an auction for the home on Tuesday. The home's final purchase price of $63.1 million makes it one of the top 10 most expensive homes sold in Los Angeles during the pandemic, which has seen a historically hot real estate market.
While Berggruen paid $16 million more than his original offer of $47 million, the history and provenance of this home surely made the property seem like a worthwhile investment. Not only is the Hearst Estate tied to the eponymous newspaper magnate William Randolph Hearst, it was also a site for other public figures and celebrities to be entertained. The Beverly Hills home is thought to be the site of John F. Kennedy and Jackie Kennedy's honeymoon in 1953 and has been featured in a myriad of films, from "The Godfather" to Beyonce's "Black is King."
The Hearst Estate was designed by renowned architect Gordon Kaufmann, who is responsible for many of L.A.'s—and the country's—most prolific structures, from the Hoover Dam and Los Angeles Opera House to the Hollywood Palladium to the L.A. Times Building. While famous for his affinity for Art Deco, many of his residential project were in the Mediterranean Revival style showcased in the Hearst Estate.
The Hearst Estate was co-listed by by Anthony Marguleas of Amalfi Estates, Gary Gold of Hilton & Hyland, Zizi Pak of Rodeo Realty and John Gould of Rodeo Realty. The 29,000 square foot home features a main residence with nine bedrooms and 15 bathrooms as well as two staff or guest apartments, a pool house, tennis pavilion, and a five-bedroom gate house spread across three-and-a-half acres.
It is an entertainer's paradise with plenty of rooms built for entertaining, from the formal living room with a 22-foot arched hand-painted ceiling to the two-story wood paneled library and the billiards room. Don't forget about the Art Deco-inspired nightclub space, dining rooms that can accommodate up to 1,000 guests, and the Olympic-size swimming pool! We're certain you'll want to get on Berggruen's guest list for what are sure to be a schedule of many luxe and lavish gatherings that will pave the way for the next generation of the Hearst Estate.
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