Billionaire entertainment mogul David Geffen sold a development site in Beverly Hills for $33.8 million, more than a year after he bought the mansion-ready property, The Real Deal has learned.
The buyer of the 1-acre parcel at 1169 North Hillcrest Road is a Santa Barbara investor, who sources declined to identify. The sale closed Nov. 20.
Geffen paid $30 million for the property in what’s considered “Billionaires Row” in July 2019. It includes plans for a 24,500-square-foot mansion designed by architectural firm Shubin Donaldson. According to PropertyShark, the property has changed hands six times since 2013, with no owner holding onto the land long enough to develop it.
The sale is the latest in what has been a prolific year of real estate deals for the founder of Geffen Records and former DreamWorks executive and co-creator. Geffen set a record in February for the priciest single-family home deal in California when he sold a Beverly Hills estate to Amazon CEO Jeff Bezos for $165 million.
Rappaport declined to comment. A message left with a Geffen representative Monday was not returned.