RH CEO Gary Friedman Lists Beverly Hills Manse for $40M

RH CEO Gary Friedman’s Beverly Hills pad, nicknamed “The Promontory,” has returned to the market for $39.5 million.

The executive, who helms the upscale home furnishings retailer formerly called Restoration Hardware, previously tested a nearly $45 million price on 1500 Gilcrest Drive at the end of 2023 before taking it off the market last summer.

Westside Estate Agency’s Kurt Rappaport holds the listing.

The brokerage declined to comment. A representative for RH could not be immediately reached for comment on the re-listing.

Friedman bought the home in 2020 through a limited liability company that paid $37 million for it, according to property and state records.

The purchase price was a steal at the time as the home originally went on the market for $46.8 million in May 2019. Listing sites show later that same year the price was reduced to just under $40 million by then-seller, a LLC tied to Kent Kresa, former chair and CEO of Northrop Grumman and former chair of General Motors, property and state filings show.

The Promontory sits on nearly an acre with views of downtown Los Angeles and the ocean. The Hollywood Regency-designed home was built in 2019 and is 11,000 square feet with five bedrooms and nine bathrooms. It has a two-story foyer, bar, primary suite with a sitting room, movie theater, motor court, gardens and zero-edge pool, according to the listing.

Friedman’s mansion was the largest, based on price tag, to hit the market last week, according to data from Douglas Elliman’s Eklund Gomes team.

A total of 97 single-family properties were added to the market’s inventory last week, bringing the overall active listings count to 1,543. The Eklund Gomes data only includes properties asking $4 million or more on the Multiple Listing Service.

So far this year, Beverly Hills’ priciest on-market deal was late April’s $60 million sale of 1028 Ridgedale Drive. The home, once rented by Jennifer Lopez and Ben Affleck, was sold by Australian billionaire James Packer.

Rappaport and Carolwood Estates’ Drew Fenton represented Packer on the deal, while the former was also on the buy side.