Family Office Real Estate

A family office bids for one of America’s most fabled properties

Family offices nearly always invest in property, even when the principal behind this latest move has been dubbed the “homeless” billionaire.

One of Beverly Hills most famous estates owned by the legendary publisher, businessman, and politician, William Randolph Heart, looks close to been sold to the family office of Nicolas Berggruen. 

According to local media sources, Los Angeles-based Berggruen Holdings’ offer is close to being accepted for the $47 million estate. On the market since 2016, when the original asking price was $195 million, the estate has been intertwined with bankruptcy proceedings linked to its current owner Leonard Ross, say the sources. As a result, Ross has lowered the asking price on numerous occasions, but it now looks close to being sold.  

According to the reports, a California bankruptcy court might have accepted Berggruen Holdings’ offer, but the property is still set for auction on September 14. 

If the deal goes through, Berggruen might feel he’s done pretty well. The 18-bedroom estate sits on 3.5 acres in the heart of Beverly Hills. Purchased by Heart and Hollywood star Marion Davies after being built for banker Milton Getz, Jacqueline and John F. Kennedy spent their honeymoon at the grand estate in 1953.

Berggruen, who in the past has been called the “homeless” billionaire due to his nomad-like existence jetting around the world in a private jet and staying at hotels, looks these days to be firmly committed to buying residential properties, presumably for his own use. 

A year ago, Berggruen, the son of a renowned art dealer, bought a portion of another property also previously owned by Getz, an estate in Holmby Hills, Los Angeles. That was three years after he purchased half of the property for $40.8 million.

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