Tom Gores, the chairman and CEO of Platinum Equity and owner of the Detroit Pistons franchise, has taken control of a newly built spec home in Holmby Hills in a complex, $100 million deal in which multiple properties changed hands.
As part of the sale, Gores traded a number of his own Los Angeles-area holdings, both developed and undeveloped, for the estate on Carolwood Drive, sources who were not authorized to comment publicly told the Los Angeles Times. He will retain a profits interest in the traded properties, which include two undeveloped parcels in Bel-Air totaling 3.2 acres, to the extent that they are developed or sold.
The spec house Gores acquired is a 2-plus-acre estate built on the grounds of an estate once owned by Barbra Streisand. It was developed by Gala Asher, who purchased the property as a vacant lot two years ago for $13.2 million. It had been listed for sale since April at $150 million.
The sprawling contemporary-style home offers more than 30,000 square feet of interior space, with 10 bedrooms and 20 bathrooms spread across the main residence and several guesthouses. The master suite alone takes up 5,300 square feet - about twice the size of the average U.S. home.
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Other features include a lounge, a wine room and a theater complex complete with a separate valet entrance for guests. A separate spa area boasts a hair salon and a manicure/pedicure area; steam and massage rooms also reside on that level.
Three swimming pools, two outdoor and one indoor, lie within the grounds. Lighted trees serve as markers for a private hiking trail.
Gores, whose net worth is about $3.3 billion, according to Forbes, founded the Beverly Hills-based private equity firm Platinum Equity in 1995. The 52-year-old purchased a majority stake in the Pistons in 2011 for $325 million. Last year, he bought out the remaining shares of the NBA team, giving him 100 percent equity in the franchise.
MUSICIANS SEEK SPLIT OF LONGTIME HOME
The marital home of singer-songwriter and fashion designer Gwen Stefani and her former husband, musician Gavin Rossdale, is being offered for sale outside the Multiple Listing Service for $35 million.
Found within a small guard-gated enclave just north of Beverly Hills, the contemporary estate was once owned by actress-singer Jennifer Lopez. Lopez reportedly married singer Marc Anthony on the grounds in 2004 before selling the property later that year for about $10.95 million.
Stefani and Rossdale, who divorced earlier this year, bought the house in 2006 for $13.25 million, records show.
Under their ownership, the house has gained an over-the-top vibe that carries through the entire 11,845 square feet of living space. Light and bright interiors have been outfitted with a range of unusual patterns, color accents and modern decor.
Among the flashy details: a formal entry with abstract black-and-white marble floors, a formal dining room with an artful accent wall and three centerpiece fireplaces set within ribboned stone. In the kitchen, black-and-white striped cabinetry keeps the eye moving from floor to ceiling.
Other features include a theater room, a gym and a pair of offices. Including a guesthouse, there are seven bedrooms and 10 bathrooms.
A covered lounge, an infinity-edge swimming pool, a lighted tennis court, a chicken coop, lawns and formal landscaping fill the roughly 2-acre setting.
Stefani, 47, gained fame as a co-founder and lead vocalist for the band No Doubt. She has won three Grammys, including two for the songs "Hey Baby" and "Underneath It All." She is returning to the TV competition series "The Voice" as a coach for the upcoming season.
Rossdale, 50, is a lead singer and guitarist for the rock band Bush. The band has released six studio albums, most recently "Man on the Run" in 2014.
ROCKER'S RENTAL DIGS ARE NOW FOR SALE
A Beverly Hills home leased by famed rocker Ozzy Osbourne and his wife and manager, Sharon, has come on the market for $26.895 million.
The Osbournes, who recently reconciled after separating in May, have rented the Georgian traditional-style home for the last four years. Although the terms of their agreement were not disclosed, property records show that the home was previously listed for as much as $50,000 a month.
Designed by architect-to-the-stars Paul R. Williams in 1955, the two-story house sits on about an acre, fronted by a circular motor court. Brick steps lead up to a portico suspended by four slender columns and, further, to a front door with an ornate frontispiece. Two large bay windows flank the entrance, further enhancing the classic brick facade.
The 5,389 square feet of living space features a marble-lined entry that opens to a formal living room and a wood-paneled media room with a fireplace and a wet bar. Both common rooms open to a patio overlooking gardens and a mosaic-tiled swimming pool.
A grand dining room with seating for 20, a formal breakfast room and an updated chef's kitchen also lie within the home. The master suite has his and hers dressing rooms and a private outdoor spa for a total of four bedrooms and six bathrooms.
Outdoors, mature trees create a canopy for various formal gardens, fountains and patios. Also within the grounds are a cabana with a gym, a guesthouse and two staff quarters.
The property last changed hands in 1995 for $2.6 million, records show.
Patriarch Ozzy Osbourne, 67, is the co-founder and lead vocalist of the heavy metal band Black Sabbath. The singer-songwriter later launched a solo career.
The 64-year-old Sharon Osbourne has been a co-host on the morning talk show "The Talk" since 2010. She previously served as a judge on the competition series "The X Factor" and "America's Got Talent."
CASHING OUT IN THE HISTORIC CORE
Los Angeles billionaire investor Ronald Burkle has sold a penthouse within the Eastern Columbia Building for $2.5 million, among the highest prices ever paid per square foot for a residential unit in L.A.'s historic core district.
The three-story unit has a contemporary air with polished concrete floors, subdued hues and modern fixtures. Exposed ductwork and a steel-frame staircase lend a raw note to the 2,010 square feet of interior space.
The loft-style floor plan includes a living/dining area and a chef's kitchen with chrome cabinetry on the main floor. The lone bedroom resides on the lower level and has an office and a lounge area. There are two full bathrooms.
Atop the residence, a private terrace sits below one of the Art Deco building's four clock faces and has an outdoor dining area and a lounge with a fireplace. Views take in the downtown corridor.
The penthouse came on the market in September for about $3 million and sold in just over two weeks, records show. Actor Johnny Depp recently sold one of his five penthouses in the building for $2.545 million.
Burkle, 63, built his fortune buying and selling supermarket chains such as Ralphs, Fred Meyer Inc. and Food4Less. He has an estimated net worth of $1.55 billion, according to Forbes.
He owns the Frank Lloyd Wright-designed Ennis House in L.A.'s Los Feliz neighborhood, which he purchased in 2011 for about $4.5 million.