Legendary music executive Mo Ostin sold his Pacific Palisades home on Villa Woods Drive for $4.86 million to an undisclosed buyer.
The 4,800-square-foot contemporary home sold below its asking price of $5.9 million. It hit the market in April 2016.
The five-bedroom, five-bathroom home was listed by Dena Luciano and Tracy Maltas of Douglas Elliman. Guy Reid of Engel & Volkers represented the buyer.
Ostin, chairman emeritus at Warner Bros. Records, purchased the property for $403,500 in the early 1980s, the Los Angeles Times reported. He renovated it in 2002.
In 2008, the deed for the home was transferred to Ostin’s late son, music executive Randall Ostin, who also lived at the property for several years.
The family trust, controlled by Ostin, has another home on the market, a $19 million seven-bedroom, eight-bathroom mansion off River Road in Brentwood.
Ostin was inducted into the Rock and Roll Hall of Fame in 2003 by Paul Simon, Neil Young and Lorne Michaels. He’s worked at Warner Bros. for 32 years and is known for signing a slew of top acts including Beach Boys, Neil Young, Prince and Jimi Hendrix. [LAT] — Subrina Hudson