Cleveland Cavs co-owner buys Beverly Hills home for $27M

While he won’t be donning a Lakers jersey anytime soon, a co-owner of the Cleveland Cavaliers is making the same sort of big bet on L.A. real estate as former Cavs star LeBron James.

Gary Gilbert purchased a home in the flats neighborhood of Beverly Hills for $26.5 million, the Wall Street Journal reported. Entrepreneur Jared Pobre, husband of former professional wrestler Stacy Keibler, was the seller. Pobre had bought the home through a holding company in 2015 for $20.5 million.

Located on North Hillcrest Road, the 12,532-square-foot home includes five bedrooms and an outdoor pool, according to property records.

Gilbert is president of Gilbert Films, which co-produced “La La Land” and “The Kids Are All Right.” He also owns a minority stake in the Cleveland Cavaliers. His brother, Quicken Loans founder Dan Gilbert, is the majority owner.

While a sizable investment, the Gilberts may have to step up their game if they want to compete with James in L.A. The NBA superstar, who is now on the Lakers, owns two homes in Brentwood he bought for $21 million and $23 million.

Steven Schaefer and Jay Luchs, co-founders of Newmark Residential, brokered the deal for Gilbert. [WSJ] – Gregory Cornfield