Updated Aug. 22:
We now know who the mystery bidder is on the Beverly Hills Hearst Estate: According to the Real Deal, billionaire Nicolas Berggruen submitted the $47 million offer last week that has since been accepted by a California bankruptcy court. Berggruen is the founder of Berggruen Holdings, a private investment company, and the co-founder and chairman of the Berggruen Institute, a nonprofit, non-partisan think tank that works to address global governance issues.
Who says it’s not a buyer’s market?! The famed Beverly Hills Hearst Estate—formerly known as Beverly House—took a major price cut just last month, and now a perspective buyer looks to make a very good deal.
As we previously reported, a bankruptcy court cut $19.8 million off the price of the estate once owned by newspaper tycoon William Randolph Hearst. Re-listed in April for $89.95 million, the 29,000 square-foot mansion was re-priced at $69.95 million in July.
Now, the Wall Street Journal is reporting that the estate has accepted an offer of $47 million—a fraction of the one-time $195 million asking price! The offer is subject to an overbid, with an auction set for Sept. 14.
California Listings Pacific Palisades expert Anthony Marguleas, one of the agents representing the property, confirms that the house did receive multiple offers before the acceptance of the $47 million bid.
The home itself is 29,000 square feet, with eight bedrooms and 15 bathrooms in the main residence. There are also two staff apartments, a pool house, a tennis pavilion and a two-story gatehouse with five bedrooms.
In addition to Marguleas, Gary Gold at Hilton & Hyland and Zizi Pak at Rodeo Realty also hold the listing.