What’s a hedge fund founder to do after renting out his Malibu beach house for $6 million? Maybe put the money toward a mansion in Beverly Hills?
That’s exactly what Mitch Julis, co-founder of Canyon Capital Advisors, just did, according to the blog Yolanda’s Little Black Book.
Julis purchased the Beverly Hills estate for $17.8 million, which is right next door to another mansion he owns. The newly purchased home is 7,600 square feet, has a three-car garage, and a tennis court. It was previously owned by Hollywood producer Jerry Weintraub, who expanded and renovated it during his 25 years there. He died in 2015 and the home was initially listed for $25 million.
Julis is also the owner of the Malibu beach house that credit card service entrepreneur Ed Freedman recently paid $6 million to rent for four years.
Luxury real estate seems to be one of Julis’ passions. Last year, he paid $21 million for a home on North Hillcrest Road in Beverly Hills.