A Beverly Hills estate with a storied background that has been for sale for more than a decade is back on the market with another big price adjustment.
Leonard Ross, an attorney and real estate investor, has put the Beverly House up for sale one more time, this time seeking $135 million.
The property, once owned by William Randolph Hearst and featured in the “The Godfather,” first hit the market in 2007 for $165 million, the Wall Street Journal reported. Nine years later, it was re-listed with the higher price of $195 million.
The Spanish Colonial-style property has six different structures, including a main house that spans 50,000 square feet. In addition to more than 20 bedrooms, the residence includes a tennis court, two screening rooms and expansive outdoor terraces.
Former residents include actress Marion Davies and Jacqueline and John F. Kennedy, who honeymooned there.
Drew Fenton of Hilton & Hyland, Jade Mills of Coldwell Banker Global Luxury, Kurt Rappaport of Westside Estate Agency and Aaron Kirman of Pacific Union International have the listing.
Ross purchased the property for less than $2 million more than four decades ago, The Real Deal previously reported. He renovated the home in the 1990s and has been renting it out for events.
An analysis by TRD from 2016 revealed the property is weighed down by nearly $60 million in loans. The biggest of which is a $40 million, three-year loan provided to Ross by an entity linked to Fortress Investment Group. That loan matured this year.
In 2016, when Ross listed the mansion for $195 million, he also attempted to refinance the property by crowdfunding on website StartEngine. Investors were asked to chip in a minimum of $125,000 apiece. The effort was not successful, a spokesperson for StartEngine told the WSJ. [WSJ] – Natalie Hoberman