Publishing mogul’s Beverly House is priced to sell in bankruptcy.
Beverly Hills mansion with ties to JFK and ‘The Godfather’ is relisted at half off.
As Southern California’s red-hot real estate market sees homes selling for hundreds of thousands of dollars over the asking price, one of the region’s most legendary properties is hitting the market at a massive markdown.
The famed Hearst estate — a Mediterranean Revivalstyle mansion with ties to William Randolph Hearst, John F. Kennedy and “The Godfather” — relisted for $89.75 million.
A Bankruptcy Court is forcing the sale.
The home’s longtime owner, attorney Leonard Ross, tried to sell the trophy property for $195 million in 2016 but has since racked up a debt of more than $50 million on the estate.
As a result, he put the property into bankruptcy, and the lender, Fortress Investment Group, petitioned the Bankruptcy Court to force a sale and succeeded.
It’s the latest in a nearly centurylong saga that has seen the estate play host to politicians, business magnates and celebrities and even appear on the silver screen, most notably in “The Godfather” and “The Bodyguard.”
It was built in 1927 by Gordon Kaufmann, the acclaimed architect behind the Hoover Dam, Greystone Mansion, the Hollywood Palladium and the former Los Angeles Times building in downtown Los Angeles.
He designed it for local banker Milton Getz, and it was later bought by publishing magnate Hearst and actress Marion Davies. In 1953, Jacqueline and John F. Kennedy
spent their honeymoon on the romantic 3.5acre spread.
The glitz and glamour still exist today. The 29,000square-foot main house features 22-foot hand-painted ceilings, a two-story paneled library, two screening rooms and an Art Deco nightclub with a bar salvaged from Hugh Hefner’s now-defunct Touch nightclub.
The billiards room adds original herringbone floors and a stone fireplace moved down from Hearst’s former home, Hearst Castle in San Simeon, Calif.
Also known as the Beverly House, the salmon-colored home is shaped like an H and holds eight bedrooms, extending to a variety of patios and balconies. Other structures, including two guesthouses, a pool
house and a two-story gatehouse, tack on an additional 7,000 square feet.
Vintage lampposts light manicured gardens outside, and the private grounds also feature fountains, loggias, lawns, terraces, a tennis court and an Olympic-size swimming pool.
Anthony Marguleas of Amalfi Estates shares the listing with Gary Gold of Hilton & Hyland and Zizi Pak of Rodeo Realty.
A forced bankruptcy sale of such a notable property is rare but not unheard of. Last month, The Times reported that spec developer Nile Niami owed more than $110 million on the One, a 100,000square-foot mega-mansion he’s building in Bel-Air. His lender, Hankey Capital, served him a default notice on the property in an attempt
to force it onto the market.
A good deal for ‘Breaking Bad’ star
Bryan Cranston didn’t need long to find a buyer for his Ventura County beach house. The “Breaking Bad” star sold the eco-friendly home for $5.45 million, accepting an offer two weeks after the property went on the market.
The sale price is more than double the $2.5 million he paid for the property in 2007 and $455,000 more than he was asking, records show.
Flanked by traditional beach cottages in the coastal community of Mussel Shoals, Cranston’s place is completely custom — a sleek, gray, energy-efficient abode that boasts a net-zero
carbon footprint.
It was finished in 2013, replacing a humble singlestory home that occupied the property when he bought it.
Inside, the 2,450-squarefoot space combines walls of glass, polished concrete floors, custom furniture and smart-home amenities. Living spaces overlooking the ocean are powered by a mix of solar and recycling systems.
The main level extends to a dining deck that descends to the beach, and upstairs, the scenic primary suite opens to a balcony. The suite, with one of the home’s three bedrooms and one of its four bathrooms, features a walk-in closet, steam shower and soaking tub.
Cranston has been acting for four decades, with notable roles in “Malcom in the Middle,” “Seinfeld” and “Breaking Bad.” He won four Emmys for his role as high school chemistry teacher-turned-drug lord Walter White in “Breaking Bad.” More recently, he starred in the Showtime limited series “Your Honor.”
Jon Perkins and Katherine Walsh of Coldwell Banker Realty handled both ends of the deal.
Former Ram cooks up a sale
NFL speedster Brandin Cooks was quick to sell his Hidden Hills home this time around, unloading the scenic retreat for $5.4 million and finding a buyer after less than a month on the market.
The veteran wide receiver picked up the modern property in 2018 shortly after he was traded to the Rams and spent two seasons with the team before he was sent to the Texans in exchange for a second-round draft pick.
Records show he first floated it for sale at $5.8 million in 2019 and trimmed the price to $5.5 million last year.
The estate’s greatest strength is its privacy. It spans 2.3 acres at the end of a cul-de-sac on a hilltop lot, and the backyard takes full advantage with a deck, swimming pool and outdoor kitchen that enjoy sweeping views of the city and mountains.
Gray panels and whitewashed stone switch off across the home’s exterior. Inside, four bedrooms and 4.5 bathrooms are spread across 4,850 square feet.
Marble, wood and glass cover the open floor plan, complete with a double-island kitchen and floor-toceiling fireplace. Pocketing doors in the common spaces and primary bedroom open to the grassy backyard.
Cooks, a native of Stockton, was a consensus AllAmerican at Oregon State University before being drafted by the Saints in 2014. In seven NFL seasons, he’s caught 483 receptions and 42 touchdowns.
Nicole Van Parys and Steven Shea of Engel & Voelkers Westlake Village held the listing. Jordan Cohen of RE/Max One represented the buyer.
Actor’s out of Hancock Park
Amid his social media spat with NBA star Kevin Durant, actor Michael Rapaport found time to sell his Hancock Park home for $3.57 million.
Rapaport, who has been acting since the 1990s with credits in “True Romance” and “Higher Learning,” paid $2.97 million for the modern residence in 2016, a year after it was built, records show.
Located just off Wilshire Boulevard, the box-like structure is made of smooth stucco and sits behind gates and privacy hedges. Inside, 11-foot ceilings hang over an open-concept space with wide-plank oak floors, quartz accents and walls of stone and glass.
A kitchen with a massive island adjoins a limestoneand-tile living room on the main level, and a floating staircase leads to the top story, where the primary suite features a fireplace and spa bathroom. There are five bedrooms and six bathrooms across nearly 4,200 square feet.
Front-facing balconies take in views of the neighborhood. Out back, a second-story deck with landscaping overlooks a backyard with a swimming pool and spa. Privacy planters and a gas fire pit complete the scene.
Rapaport, 51, has appeared in more than 60 films over the last three decades, including “Metro,” “Cop Land,” “Deep Blue Sea” and “The 6th Day.” More recently, he starred in the shows “Prison Break,” “Justified” and “Atypical.”
As for the Rapaport-Durant dust-up, which began on Instagram, the NBA fined the Brooklyn Nets forward $50,000 for “offensive and derogatory” language.
Nick Collins of the Agency held the listing. Aero Malka of Coldwell Banker Realty represented the buyer.