From TRD Los Angeles: David Sackler, an heir to Purdue Pharma and member of the company’s board of directors, has purchased a 10,000-square-foot Bel Air mansion for $22.5 million in cash.
The deal comes as Purdue continues to face intense scrutiny over its production of the highly addictive opioid OxyContin. The drug generates billions of dollars in annual revenue for Purdue, and has contributed to the dramatic increase in opioid-related deaths across the country.
The sale of Sackler’s four-acre property, which includes a tennis court, game room, pool and gym, was reported by TMZ. The two-story property also features an atrium and manicured lawn.
James Respondek and Erin Garrity from Sotheby’s International Realty had the listing. Josh Altman of Douglas Elliman represented Sackler.
Sackler is the only member of the family’s third generation to now sit on the Purdue Pharma board. He runs the investment firm for his family, according to a recent New Yorker article. The piece detailed the family’s involvement with the company, along with its enormous philanthropic endeavors. The “Sackler Wing” at the Metropolitan Museum of Art in New York is among the notable contributions the family has made.
Combined, the Sackler family is worth $13 billion, Forbes reported. OxyContin, the firm’s blockbuster drug, produces $35 billion in revenue alone. [TMZ] — Natalie Hoberman