Legendary Hearst Estate in Beverly Hills set to sell for $47 million at auction
A $47 million offer has been accepted for the purchase of the Hearst Estate, one of most legendary homes in Los Angeles.
In April, the Sacramento Bee reported that the iconic mansion once owned by newspaper mogul William Randolph Hearst was on the market for nearly $89.75 million. By June, the listing price had dropped to $69.95 million.
The accepted offer is subject to an overbid at an auction conducted during a hearing to approve the bankruptcy sale, which is set for Sept. 14, according to a news release.
In order to top the accepted offer, competing bids must start at at least $1 million over the offer, Forbes reported. The bids are subject to proof of funds and a written offer.
At $47 million, the Hearst Estate will be one of the 10 most expensive homes sold in Los Angeles during one of the hottest real estate markets ever.
“The Hearst Estate is anchored in American legend and is a one-of-a-kind home that is truly a spectacular property,” Anthony Marguleas of Amalfi Estates said in a news release. “The residence has been enjoyed by many celebrities, making it a prized property for collectors of the finest architecture. This is a rare and prestigious opportunity to acquire one of the 10 most iconic homes in L.A. which you rarely see come available. This property now has a motivated seller and is priced to sell.”
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.”
Hearst, then 58, and Davies, then 21, began their affair in 1921. Visitors to their various mansions included Charlie Chaplin, Douglas Fairbanks, Harpo Marx, Clark Gable, Calvin Coolidge, Winston Churchill, Charles Lindbergh and Amelia Earhart.
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.
Marguleas, Gary Gold of Hilton & Hyland, Zizi Pak of Rodeo Realty and John Gould of Rodeo Realty are the listing agents.
This story was originally published August 20, 2021 at 5:01 PM.
