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Billionaire entertainment magnate David Geffen sold a progression site in Beverly Hills for $33. 8 million, more than a year after buying the assets in a position for a mansion, The Real Deal learned.
The owner of the one-acre plot at 1169 North Hillcrest Road is an investor from Santa Barbara, whom the resources refused to identify. The sale closed on November 20.
Geffen paid $30 million for assets in what is “Billionaires Row” in July 2019. Includes plans for a 24,500-square-foot mansion designed through architect Shubin Donaldson’s company. According to PropertyShark, assets have replaced hands six times since. 2013, without any owner holding the land long enough to expand it.
This sale is the latest in what has been a prolific year of genuine real estate transactions for Geffen Records founder and former CEO and co-creator of DreamWorks. Geffen set a record in February for the maximum sale of single-family homes in California when he sold a beverly Hills property to Amazon CEO Jeff Bezos for $165 million.
Westside Estate Agency co-founder and CEO Kurt Rappaport represented Geffen in the sale of Hillcrest Road and its $68 million acquisition of Casey Wasserman’s Beverly Hills mansion in June.
Rappaport declined to comment. A message left to a Geffen representative on Monday was not returned.
Copyright © 2020 The Real Deal is a registered trademark of Korangy Publishing Inc.
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