Auction of legendary Hearst Estate in L.A. ends with final price of $63.1 million
The auction of Hearst Estate, one of the most legendary homes in Los Angeles, has closed with a final sale price of $63.1 million, according to a representative of Amalfi Estates real estate firm.
The winning bidder was Nicolas Berggruen, a U.S.-based billionaire investor and philanthropist, the representative said in an email.
After an offer was accepted in August for $47 million, the iconic mansion once owned by newspaper mogul William Randolph Hearst and known as the Beverly House, was subject to an overbid, which is an auction conducted during a hearing to approve a bankruptcy sale. That auction took place Tuesday morning.
The property was on the market for a total 162 days during which it received 71 inquires, 41 private showings, 12 written offers and five overbidders at the Tuesday’s auction.
Hearst Estate hit the market in April for $89.75 million, and then dropped in price to $69.95 million in June. The property received multiple offers before a $47 million offer was accepted. The sale is now finalized at $63.1 million.
The 29,000 square-foot, salmon-colored estate has nine bedrooms and 15 bathrooms, a formal living room with a 22-foot arched hand-painted ceiling, a two-story library, an Art Deco nightclub and more. There are also two guest apartments, a pool house, a tennis pavilion, and a two-story gatehouse.
The Hearst Estate, sitting on 3.5 acres at 1011 North Beverly Drive, was built in 1926. The architectural masterpiece is legendary as the residence of Hearst, actress Marion Davies and the honeymoon hideaway for Jacqueline and John F. Kennedy.
The mansion has been the location for the filming of “The Godfather,” “The Bodyguard” and Beyoncé’s “Black Is King.”
Gordon Kaufmann, architect of the Hoover Dam, designed the estate for banker Milton Getz before Hearst purchased the compound. Hearst, of course, also owned the even more well-known castle in San Simeon.
Anthony Marguleas of Amalfi Estates, Gary Gold of Hilton & Hyland, Zizi Pak of Rodeo Realty and John Gould of Rodeo Realty are the co-listing agents.
This story was originally published September 14, 2021 at 2:25 PM.
