Famed Beverly House hits the market again seeking $135M

The seller, Leonard Ross, has struggled to unload the mansion

TRD LOS ANGELES /
Sep.September 25, 2018 12:00 PM
Beverly House, with “The Godfather” movie poster

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


Related Article

arrow_forward_ios
From left: Kristen Dunst and her former home on Toluca Lake Road, and Roy E. Disney and the home in Toluca Lake (Credit: Getty Images and Redfin)

This week in celeb real estate: Kirsten Dunst makes lightning sale in Toluca Lake, home owned by Disney heir trades again…and more

Home at Stratford Circle with Hungarian couple Ildiko Szekeres and Gyorgy Nagy (Credit: Getty Images)

Olympic curlers score Bel Air Crest mansion that lingered on the market for 4 years

Skid Row Housing Trust CEO Lee Ragas

Prolific DTLA affordable housing developer pushes into Van Nuys

Roy E. Disney and the home in Toluca Lake

That Disney magic? Toluca Lake home that belonged to a Disney heir sells over asking

Celebrity real estate sales: Ellen DeGeneres, Jonah Hill

This week in celeb real estate: Ellen DeGeneres flips for Santa Barbara and Jonah Hill settles down in Santa Monica…and more

From top: Ellen DeGeneres and Portia de Rossi, Jan Koum and Ron Meyer, and Pierce Brosnan with his new home in Santa Monica (Credit: Getty Images)

This week in celeb real estate: Ellen DeGeneres sells in Beverly Hills and Whatsapp founder buys $100M Malibu mansion…and more

Pierce Brosnan and his new home in Santa Monica

“The world is not enough,” but for one former James Bond this Santa Monica pad is

Jason Yaselli and Usher (Credit: Getty Images and iStock)

Leave the furniture, take the diamond ring: Luxury brokers advise vigilance after fellow agent charged in open-house burglaries

arrow_forward_ios