The Los Angeles estate from Beyoncé’s ‘Black Is King’—and that notorious ‘Godfather’ horse-head scene—returns for a reduced $89.75 million.
Once asking as much as $195 million, a Beverly Hills estate once owned by William Randolph Hearst is returning to market for the reduced price of $89.75 million following a protracted bankruptcy saga.
A bankruptcy court recently appointed an administrator to sell the property after being petitioned to do so by Fortress Investment Group, which has said it is owed more than $52.3 million in unpaid loans and interest, according to public records. A spokesman for Fortress declined to comment. The property’s longtime owner, attorney Leonard Ross, placed the limited-liability company that owns the property into chapter 11 bankruptcy in 2019 in a bid to avoid a foreclosure auction and pause litigation over loan defaults, The Wall Street Journal reported.
Mr. Ross had been trying to sell the property on and off since 2007 and tried a number of different price tags on the estate, the highest being $195 million in 2016. He also briefly tried using a crowdfunding platform to refinance the house. On roughly 5 acres, the estate, which dates to 1927, is one of the best known in Los Angeles. After Mr. Hearst’s death in 1951, it was owned by actress Marion Davies. President John F. Kennedy and Jacqueline Kennedy Onassis vacationed at the home as part of their honeymoon.
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