A grandson of Samsung Group founder Lee Byung-chul has purchased a sprawling mansion in Beverly Hills Flats.
Chung Yong-jin paid $19.2 million for the 11,000-square-foot mansion and its half-acre of land, according to Dirt.
He bought the property from Indonesian businessman Aan Sinanta, who paid $12.6 million for it new in 2012. Sinanta had it on and off the market for the last six years or so.
The sale is one of the pricier to close in Beverly Hills Flats this year. The neighborhood is home to many lavish mansions, but properties themselves tend to be less than an acre in size.
Film producer Joe Roth bought a home in the Flats designed by pioneering architect Paul R. Williams for $23 million earlier this month.
A pair of neighboring lots once owned by late actor Carl Reiner sold for $16.8 million last month.
Chung’s new home has six bedrooms and 10 bathrooms. The main suite has its own fireplace, sitting area, and two walk-in closets.
The home has been updated since its construction, according to the listing.
There is a wood-paneled office and a fireplace in the formal dining room. Some rooms have parquet floors, crown molding, and coffered ceilings.
Amenities include a movie theater, a wine cellar with a tasting area, a gym, and a sauna.
Out back there is a dining patio and lounge area with a large fireplace, along with an outdoor kitchen and a pool. A parking garage is located below grade and can accommodate six cars.
Chung is the son of Samsung heiress Lee Myung-hee, and is vice chairman of conglomerate Shinsegae, which spun out of Samsung in the mid-1990s. Shinsegae has a market cap of $2.1 billion, according to Reuters, and is seen as part of the Samsung “chaebol,” a term used to define large and interlocking corporate interests with family ties that form the upper reaches of South Korea’s commercial landscape.
Shinsegae appears to focus on both ecommerce and brick-and-mortar retail. The company departments stores, the discount supermarket chain Emart, and the high-end supermarket chain PK Market, which opened its first U.S. location in Downtown Los Angeles in 2018. The company also purchased eBay Korea for $3 billion this summer.
[Dirt] — Dennis Lynch