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Detroit Pistons owner Tom Gores, who also founded a prominent Beverly Hills equity firm, closed on a deal for a grand spec home that hit the market for $150 million in April. And billionaires don’t stay billionaires by paying full asking price: Gores spent approximately $100 million on the Los Angeles mansion, in a deal involving multiple properties and cash.
For the price, an über-rich buyer would enjoy glamorous amenities, including a theater complex with a valet entrance; a beauty salon with hair, makeup, manicure, and pedicure stations; a spa with a water wall and steam and massage rooms; and a 5,300-square-foot master suite, which dwarfs most American homes.
There are a total of 10 bedrooms and 20 bathrooms in 38,000 square feet spread across a main residence and several guesthouses. Private hiking trails traverse the lush, mature foliage on the property’s 2.17 acres.
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Then there’s the property’s pedigree. It was known as Barbra Streisand’s Mon Rêve estate until it was demolished in 2000. A tech mogul used the land as his own personal and private park until he sold it to developer Gala Asher for $13.25 million. Asher then built this estate and listed it for $150 million in April 2016.
If the street, Carolwood Drive, sounds familiar, that’s because it’s the site of some of the area’s biggest sales over the past several years, including the mansion known as Fleur de Lys, which sold for $88.3 million; the old Walt Disney estate for $74 million; and Sonny and Cher’s Owlwood estate, also owned by Tony Curtis, for $90 million. Gregory Peck, Clark Gable, Frank Sinatra, Rod Stewart, and Elvis Presley are all reported to have lived on the street.
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This particular deal was complicated, even by billionaire standards. The Los Angeles Times reports that it included the trade of a number of other L.A.-area properties, including a 3.2-acre site listed at $47.9 million that owned belonged to Herbert Kalmus, the co-founder and president of Technicolor.
The 52-year-old Gores is said to be worth about $3.3 billion, according to Forbes. He founded the private equity firm known as Platinum Equity in 1995, and purchased most of the shares in the Pistons in 2011 for $325 million. Last year, he bought the rest of the team. So now he owns 100% equity in the Pistons, as well as one of Holmby Hills’ priciest properties. If you’re keeping score, he wins.
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The post Detroit Pistons’ Owner Tom Gores Scores $100 Million L.A. Mansion appeared first on Real Estate News and Advice - realtor.com.
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