Famed Hearst estate relists for $90M as owner battles mounting debt

Lender Fortress Investment claims Leonard Ross owes over $50M at Beverly Hills mansion

Los Angeles /
Apr.April 06, 2021 09:30 AM
The Hearst estate (Redfin)
The Hearst estate (Redfin)

One bankruptcy, multiple lawsuits and a scrapped auction later, the storied Hearst estate in Beverly Hills is getting another price cut.

Leonard Ross is relisting his 5-acre estate once owned by William Randolph Hearst for $90 million, according to the Wall Street Journal. That’s less than half its $195 million ask in 2016 and nearly 30 percent off its $125 million listing from a year ago.

A sale at that price would allow Ross to clear his more than $51 million debt to lender Fortress Investment Group, which has been trying for several years to seize the massive estate. Ross bought the property at 1011 N. Beverly Drive in 1976.

In late 2019, Ross’ company TBH 19 — which owns the estate — filed for bankruptcy to avoid a foreclosure auction. At the time, he was asking $135 million for the property.

He claimed he had a buyer lined up for $125 million, but that deal fell through and the property relisted in early 2020.

By July, Fortress asked a federal bankruptcy judge to authorize an auction of the property in the fall of 2020 and hired an appraiser to value the property. The appraiser pegged it at $90 million.

The estate is anchored by a 29,000-square-foot main house designed by architect Gordon Kaufmann. The property has quite a bit of history beyond the legendary publishing magnate. John F. Kennedy and Jacqueline Kennedy spent part of their honeymoon there and the property was featured in “The Godfather.” Most recently, it was pictured in Beyoncé’s visual album, “Black is King.”

[WSJ] — Dennis Lynch


Related Articles

arrow_forward_ios
Tim Cook and the La Quinta house (Getty, Realtor.com / Hideaway Properties Corp.)
Buyer confirmed, finally: Tim Cook paid $10M for La Quinta mansion
Buyer confirmed, finally: Tim Cook paid $10M for La Quinta mansion
Joe Jonas and Sophie Turner’s Encino mansion sale is priciest in 2021
Joe Jonas and Sophie Turner’s Encino mansion sale is priciest in 2021
Joe Jonas and Sophie Turner’s Encino mansion sale is priciest in 2021
Kelly Clarkson and the Encino property (Getty, Compass)
Grammy winner Kelly Clarkson sells 10K sf Encino mansion
Grammy winner Kelly Clarkson sells 10K sf Encino mansion
Rihanna asks $7.8M for Hollywood Hills property after buying in Beverly Hills
Rihanna lists Hollywood Hills property after buying in Beverly Hills
Rihanna lists Hollywood Hills property after buying in Beverly Hills
LeBron and the six bedroom house (Getty, Redfin)
LeBron sells Brentwood mansion for $1M less than he paid
LeBron sells Brentwood mansion for $1M less than he paid
Kanye West and 24844 Malibu Road (Getty, Compass/Facebook)
Album drop then price chop: Kanye pays $57M for Malibu beach house
Album drop then price chop: Kanye pays $57M for Malibu beach house
Luciana Barroso and Matt Damon with the seven bedroom house (The Agency Real Estate, Getty)
Matt Damon Finds Buyer for Pacific Palisades home after chopping price, moving to NYC
Matt Damon Finds Buyer for Pacific Palisades home after chopping price, moving to NYC
Mossimo Giannulli and Lori Loughlin with The Madison Club where their house is located (The Madison Club, Getty)
Lori Loughlin and Mossimo Giannulli buy $13M La Quinta home after jail stints
Lori Loughlin and Mossimo Giannulli buy $13M La Quinta home after jail stints
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...