Billionaire Oaktree Capital co-founder Bruce Karsh sold his Beverly Crest mansion for $38 million on March 29. The estate had been on and off the market since 2020, when it was listed at about $60 million.
Karsh’s former estate, located at 1201 Tower Grove Drive, was purchased by 1201 TGD Trust. A deed trust listed a man named Cesar Peralta as a trustee. Linda May of Carolwood Estates and Joe Cilic of Sotheby’s International Realty served as the listing agents. A request for comment was not answered by Cilic by press time. Listing sites did not confirm a buyer’s agent.
Karsh’s Beverly Crest estate has been a darling of the architectural press and gained coverage from glossy magazines such as Architectural Digest. Michael Smith, a White House decorator during the Obama administration, had redesigned the home which was built in 1930. The living area is about 16,000 square feet with five bedrooms and 7.5 bathrooms. Style features include a paneled library and a dining room with custom murals.
The grounds of the 3-acre estate include a 6,000-square-foot structure described as a tennis court building. Other amenities include a cinema, a recording studio and a golf simulation room.
Neighbors include 1501 Tower Grove Drive, which was originally listed for $26 million. This estate has gone through a number of price cuts, and is currently listed at $21.5 million. The Realtor.com listing site compared 1201 Tower Grove Drive to a $28 million Beverly Hills home at 9694 Oak Pass, which has 14,000-square feet of living space on a 1.7 acre lot.
Karsh has put his real estate portfolio in play in 2023. He bought a $30 million Holmby Hills mansion from his Oaktree co-founder Howard Marks in January, according to Dirt.com.
Oaktree Capital is an investment firm with about $170 billion under management and more than 1,000 employees, according to the company’s website. It was founded in 1995.
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