After years of bankruptcy proceedings, the California bankruptcy court finally accepted an offer for a Beverly Hills property that once belonged to William Randolph Hearst. The offer stems from the Californian single family office of Nicolas Berggruen, a German-American billionaire.
The Hearst Estate in Beverly Hills
As mentioned before, the now sold Beverly Hills Estate was once owned by William Hearst. Hearst was in the beginning of the 20th century one of the richest Americans and an important media tycoon. The estate was on the market for years: former owner leonard Ross tried to sell the property at 1011 North Beverly Drive since 2016. The asking price was once $195M, then dropped to $125M. In 2019, a corporation of Ross that owns the property filed for bankruptcy. According to Fortress Investment Group who was a lender for the property, states that Ross still owes $70M in unpaid debt. Although the bankruptcy court accepted the offer of the Berggruen single family office, offers and overbids will still be accepted until September 14.
Berggruen Single Family Office: Office in Los Angeles
Berggruens single family office (Berggruen Holdings) has offices in Los Angeles, on the Isle of Man, Berlin, Paris, Istanbul and Mumbai. According to Berggruen, he enjoys spending time in L.A. and had already purchased various estates in the Californian city. The Berggruen Single Family Office invests in different sectors and holds major properties all over the world (for example, the Excelsior building in Berlin-Kreuzberg).
Source: The Real Deal, 31.08.2021
Picture Source: Webaliser
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