Russell Simmons sells home near Sunset Strip for $8M
Embattled music exec apparently culling real estate portfolio
Music mogul Russell Simmons has sold a home in the Hollywood Hills for $8.125 million, in an apparent move to thin out his real estate portfolio as he battles allegations of rape and sexual harassment.
The five-bedroom, 6,085-square-foot home is near the Sunset Strip, according to Variety. The property features a built-in grilling station and dining terrace, an outdoor movie theatre, a swimming pool, a wine cellar, and a cigar room.
Simmons, the co-founder of Def Jam Recordings, bought the home, which was built in the 1930s, more than five years ago for $5.878 million.
Simmons stepped down from all of his positions with his businesses and charities last year, after being accused by multiple women of sexual harassment, assault and rape — charges he has denied. He has kept a low profile, saying in a statement that he planned to take some time to “rededicate” himself to “spiritual learning.” He may also be thinning his real estate portfolio, Variety said. Earlier this year he listed a 7,200-square-foot duplex penthouse in New York City’s Financial District for $9.925 million. [Variety] — Gregory Cornfield