The owner of a famed Beverly Hills mansion who has for years tried to sell the massive property, is hoping to avert foreclosure by asking a bankruptcy court to let him relist it.
In a federal court filing, real estate investor Leonard Ross claims he can get $125 million for the Beverly House — once owned by publishing magnate William Randolph Hearst — saying a Saudi prince is looking at the estate.
The court filing, first reported by the Wall Street Journal, asks that Judge Vincent Zurzolo allow Ross to list the home at 1011 N. Beverly Drive, instead of surrendering it to creditors who are owed $67 million. The court filing comes just weeks after Ross filed Chapter 11 for the limited liability company tied to the estate, according to the Journal.
The Spanish Colonial-style mansion has six structures, including a main house that spans 29,000 square feet and 20 bedrooms.
Saudi Prince Abdullah bin Mosaad bin Abdulaziz al Saud, said to be a potential buyer. (Credit: Getty Images)
Ross claims Saudi Prince Abdullah bin Mosaad bin Abdulaziz al Saud is among those eyeing the Beverly House, and that a sale would allow Ross to pay off his creditors.
He said the prince will be in Los Angeles in the first two weeks of December, according to the filing. Ross said it was “urgent” that real estate agents Al Ross — his brother — and Wayne Smith of Corona del Mar Properties be allowed to show the compound to the prince.
Ross has owned the mansion since 1976 when he paid less than $2 million for it. He has since renovated it and over the years put the estate on and off the market. Its price climbed to $195 million in 2016. Ross was asking $135 million for it last year.
He has rented out the compound for events and in 2016, tried to secure a $40 million refinance through crowdfunding.
In addition to having been a home of newspaper magnate Hearst, the mansion was also featured in “The Godfather” — the severed horse head scene — and was where then-Sen. John F. Kennedy and Jacqueline Kennedy spent part of their honeymoon.
If the Beverly House sells for $125 million, it would be the highest price paid for a residential property in Los Angeles County. The current record of $120 million was set in July with the sale of Spelling Manor in Holmby Hills.