Even during a pandemic, last year saw ultra-rich exchange properties at a breakneck pace.
Some of the richest people in the country, including Jeff Bezos, David Geffen and Jeffrey Katzenberg, closed big deals in 2020, taking advantage of historically low interest rates and a widening wealth gap that has seen their fortunes skyrocket further.
In a historic year for the luxury real estate market, California saw its historic price record break.
More than 200 houses exchanged hands for more than $ 10 million and two were sold for more than $ 100 million. In 2019, the market of more than $ 10 million fell short of 200 deals. (The exact numbers are confusing because many high-value transactions take place outside of the multiple listing service.)
Here’s a look at the most expensive home sales in Southern California in 2020.
$ 165 million – Jeff Bezos
The world’s richest man flexed his wealth in February, when Amazon billionaire Jeff Bezos spent $ 165 million on David Geffen’s famous Warner estate in Beverly Hills. The gigantic sale shattered California’s historic price record, which was set in 2019 with the purchase of the “Beverly Hillbillies” mansion in Bel-Air for $ 150 million by Lachlan Murdoch.
The nine-acre property offers a world of its own, with a golf course, tennis court and swimming pool around a Georgian-style mansion built in the 1930s for movie mogul Jack Warner. The purchase was the latest in a long line of real estate deals for Bezos, which owns other homes in Beverly Hills, as well as properties in Seattle, Texas and Washington DC
$ 125 million – Jeffrey Katzenberg
Jeffrey Katzenberg kept the LA county real estate booming over the summer, selling his Beverly Hills complex for $ 125 million – good for the third most expensive sale in California history.
It was a huge return on investment for Quibi’s co-founder, who paid $ 30 million for the property in 2009. He completed construction of the house three years later, aerial photos show. Wrapping around a huge patio, the U-shaped house spans 26,000 square feet with a huge lawn and pool in the back.
The property covers six acres on a promontory site overlooking the Sunset Strip and Greystone Mansion below. This may have alleviated the pain of Quibi’s closure in October, after less than seven months of short video streaming.
$ 68 million – David Geffen
Media mogul David Geffen was not completed after his historic sale to Jeff Bezos. A few months later, he bought a little something for himself: an impressive modern megamanation in Beverly Hills.
Set on 1.25 acres, the architectural ensemble belonged to Casey Wasserman, chairman of the Los Angeles Olympic Organizing Committee. It was designed by Richard Meier and combines stone, glass and white oak on 18,500 square feet. Inside, the highlights include six bedrooms, 14 bathrooms, automated steel doors, museum spaces, a cinema room, elevator and art studio.
$ 63.25 million – Rancho San Carlos
Montecito – a little paradise in Santa Barbara County where the wealthy seek scenic settings and peaceful isolation – saw a handful of big deals in 2020, but none greater than the $ 63.25 million sale of a property known as Rancho San Carlos.
With 240 acres, the idyllic retreat is the largest on the list and focuses on a 30,000 square foot colonial-style site. Around it are 10 chalets, a handful of equestrian facilities and several citrus orchards and avocado trees. The compost went on sale in 2014 for $ 125 million.
$ 61 million – Orange County price record
Orange County crowned a new champion in October, when a three-story oceanfront mansion on the Newport Coast was sold for $ 61 million – the sale of a more expensive home in county history.
It overcame a compound of two houses on the road in Newport Harbor, which raised $ 55 million in 2017.
The property combines two plots for nearly an acre and makes the most of its space with a 19,000 square foot main house and a 6,800 square foot guest house flanked by manicured gardens and palm trees. Facilities include a cinema, gym, sauna and games room. At the rear, a deck with a pool overlooks the Pacific Ocean.
$ 60 million – George Ruan
One of Bel-Air’s most expensive homes was sold in half when a limited liability company linked to George Ruan, the chief executive of online coupon company Honey, spent $ 60 million on a three-story mansion still under construction.
There is a reason why the house hit the market prematurely; it was previously controlled by Robert Shapiro, the real estate developer who was sentenced to 25 years in prison for running a $ 1.3 billion Ponzi real estate scheme. In the wake of the allegations, a settlement fund started selling its real estate properties, including the approximately 21,000 square foot window acquired by Ruan.
$ 47 million – Nilo Niami
Spec developer Nile Niami sold another one of his creations in Beverly Hills for $ 47 million, this time to San Marino real estate developer Bin Fen Cheng.
Dubbed “Opus”, it is among the most expensive sales of the year, but it still fell far from its original $ 100 million price in 2017, when it entered the market in hopes of capitalizing on the “sex sells” mantra with a marketing campaign. sassy marketing full of half-naked women.
Designed by megamansion master Paul McLean, the 20,000-square-foot home houses many of the exaggerated toys typically found in Niami’s specification houses, including a car museum, covered spa, cinema and a huge dinosaur skeleton.
This story originally appeared in the Los Angeles Times.