A bankruptcy court in California has chopped the historic Hearst Estate in price by nearly $50 million since late 2019, when its owner filed for Chapter 11 bankruptcy protection.
Attorney Leonard Ross, owner of the Hearst Estate for decades, has been seeking to unload the historic property since at least 2007. At one point, it was on the market with an asking price of $195 million. In March, it was listed for $119 million — only to be relisted for $90 million in April and $70 million last month.
Not to be confused with the northern California landmark known as Hearst Castle, Hearst Estate is a 3.5-acre Beverly Hills estate built by banking executive Milton Getz in 1926. Publishing tycoon William Hearst and his actress-mistress Marion Davies lived in it until his death in 1951, but it was also the 1953 honeymoon destination of John F. Kennedy’s and wife Jacqueline, a backdrop in the 1972 movie “The Godfather” and the setting for several Beyonce videos.
“Historically significant properties take a special buyer because you need someone who respects and appreciates architecture of the 20’s and 30’s, and who understands the historical significance,” Anthony Marguleas of Amalfi Estates told the New York Post.
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The 29,000-square-foot mansion is built into an H shape opening onto an 800-foot driveway with a fountain. It’s built in the style of a Spanish villa and boasts an 80-foot entry hall, an arched hand-painted ceiling, gilded paneling, chandeliers and great stairways. The carefully landscaped grounds boast an Olympic-size pool, eight-car garage, numerous terraces and patios, homes for guests and staff and gardens with waterfalls and Roman columns.
A bankruptcy court in Los Angeles was tasked with selling the Hearst Estate after Ross placed the limited-liability company that owns the property into chapter 11 bankruptcy in December 2019.
Marguleas holds the listing alonside Gary Gold of Hilton & Hyland and Zizi Pak and John Gould of Rodeo Realty.