David Geffen Sells Beverly Hills Development Site For $34 Million

Real Estate

The hits keep on coming for David Geffen.

The media magnate this week unloaded another prized piece of his real estate portfolio, selling a development site on Beverly Hills’ so-called “Billionaire’s Row” for $33.75 million.

It was only a year ago that Geffen purchased the one-acre lot for $30 million. At the time of the sale, the property on North Hillcrest Road had been marketed with plans for a 24,500-square-foot modern mansion designed by architecture firm for Shubin Donaldson, according to the Los Angeles Times.

Nestled between the Bird Streets and Trousdale on a narrow ridge, North Hillcrest Road is coveted for its explosive views stretching from downtown Los Angeles to the Pacific Ocean. 

Recent transactions on the street include Minecraft creator’s Markus Persson’s $70-million purchase of a spec home and Pabst Brewing co-CEO Evan Metropolous’ $65-million purchase of the Danny Thomas estate.

The buyer of Geffen’s lot was identified by The Times as real estate investor Randall Van Wolfswinkel.

A native of Santa Barbara, Van Wolfswinkel is the owner and chief executive of Dallas-based homebuilder First Texas Homes. Barbara Duskin of Beverly Hills-based brokerage Hilton & Hyland represented Van Wolfswinkel in the deal.

MORE FOR YOU

For Geffen, the transaction wraps up a wild year of wheeling and dealing.

In February, the DreamWorks Studios co-founder made California history when he sold his prized Beverly Hills estate to Amazon

AMZN
founder Jeff Bezos for a state-record $165 million

He followed up his record-setting deal with the June purchase of sports and entertainment executive Casey Wasserman’s modern trophy home in Beverly Hills for $68 million.

Articles You May Like

Short-Term Rentals and Airbnb Investing
Here are some money moves to make while the Fed keeps rates near zero
Eviction protections for renters will extend beyond June in these locations
Amazon Commits $300 Million To Develop Affordable Housing In Three Cities
The Ultimate Passive Income Guide to Financial Freedom

Leave a Reply

Your email address will not be published. Required fields are marked *