The real estate saga that was the selling of the Hearst Estate came to a close Tuesday at a federal courthouse in Los Angeles. According to listing agent—and California Listings expert—Anthony Marguleas, the famous Beverly Hills estate has sold for $63.1 million following a a bankruptcy auction.
Billionaire Nicolas Berggruen walked away with the house keys following a heated proceeding against five other bidders. Just last month, Berggruen offered $47 million for the 29,000 square foot mansion, and offer that was provisionally accepted pending overbids at auction.
According to the L.A. Times, bidding began at $48 million. All but two bidders dropped out around the $52-million mark, with bids increasing in $100,000 increments. The last parties standing were Berggruen and MBRG Investors, a West Hollywood real estate investment company.
The winning bid of $63.1 million is the most ever paid for a home at an auction, surpassing the $51 million spent in Beverly Park earlier this year.
Even with the higher winning, the final cost is still a fraction of the one-time $195 million asking price for the property. In addition to Marguleas, Gary Gold at Hilton & Hyland and Zizi Pak at Rodeo Realty also held the listing.