A 1930s-era estate in Beverly Hills has sold for a loss after two years on and off the market and several price cuts.
Rich and Christie Reilly sold the 1.4-acre estate to Griffon Capital CEO Ron Kramer and Stephanie Blau in an off-market deal for $24.5 million, according to Dirt.
The Reillys bought 1140 Tower Road in 2017 for $25 million and listed it two years later for $32.5 million.
They cut their ask down several times to just under $30 million, but always raised it back to $32.5 million, which is what it last asked earlier this year before coming off the market in April, according to Zillow.
While the couple lost money on the home, its still one of the pricier deals to close in Beverly Hills in recent weeks. Other recent large deals include a $20 million sale on Beverly Park Way and a $30.7 million deal in Arden Drive, according to Redfin.
The original home was built in 1934 and was expanded significantly by an owner preceding the Reillys.
It now spans 15,300 square feet with 8 bedroom and 12.5 bathrooms, including five en-suite bedrooms. The main bedroom suite sits on the top floor and includes a balcony.
The home sits at the end of a gated drive on a hillside property lined with hedges and replete with gardens.
The interiors of the three-story home were renovated in a black-grey-white colors scheme that’s been popular in recent years.
The grounds include grapevines, a vegetable garden, and formal gardens. The pool area has a covered lounge and firepit area. There is also a detached guest house totaling 4,000 square feet with a gym.
Previous owners include producer George Sidney, Michael Jackson’s manager Freddy DeMann, producer Gale Anne Hurd, and heiress Janet Crown.
Kramer is a former president of Wynn Resorts.
[Dirt] — Dennis Lynch