Detroit Pistons owner Tom Gores is headed back to his home court.
Gores, who is also the chairman and chief executive of private equity firm Platinum Equity, dropped $38 million to acquire his former Beverly Park home, the Los Angeles Times reported. He sold it to developers Gala Asher and Ed Berman for $40 million in October 2016, property records show.
Gores traded the home, as well as 3.2 acres of undeveloped land in Bel Air, last year as part of a deal to acquire a newly built, $100 million spec house on Carolwood Drive in the Holmby Hills. That property, which sits on Barbra Streisand’s former “Mon Rêve” estate, spans 38,000 square feet.
The 24,000-square-foot Beverly Park pad, designed by Donald Ayres, contains seven bedrooms, 14 bathrooms, an expansive swimming pool, outdoor lounge area and several gardens.
Gores originally paid $21 million to acquire the property in 2010. It hit the market asking $49 million in March.
The Israeli-Arab-American billionaire founded the Beverly-Hills based firm Platinum Equity in 1995. He’s since turned his attention to professional sports, acquiring a majority stake in the Pistons in 2011 for $325 million. He then became sole owner in 2015, buying the 49 percent remaining stake from Platinum Equity. [LAT] – Natalie Hoberman