Here’s what “an incredible value” looks like.
The price tag of the Hearst estate dropped from $119 million in March to $90 million in April and has now been re-listed at $70 million — a 40% discount in just a few short months.
“It is an incredible value,” listing broker Anthony Marguleas of Amalfi Estates told The Post. “The seller is motivated to sell, and we expect offers in the next few weeks. If someone’s serious, they need to move quickly.”
The owner, Leonard Ross, placed the LLC that owns the property into chapter 11 bankruptcy while trying to cash out on the historic Beverly Hills mansion, for which he first asked $195 million off-market.
Brokers say the house has taken years to unload because the original asking price and the successive price declines — dropping from $195 million to $165 million to $125 million — were all too expensive. But at this price point, Marguleas said he expects the house to sell in the next few weeks.
“We are starting to get some good activity. It’s very early on, but there are several parties circling the property,” said Marguleas.
The nine-bed, 15-bath Italian and Spanish-style mansion sits on a 3.5-acre lot in the heart of Beverly Hills.
The historic mansion was built in 1926 for banking executive Milton Getz. It once belonged to publishing magnate William Hearst and his partner, actress Marion Davies. It served as the honeymoon destination for Jacqueline and John F. Kennedy and even made appearances in “The Godfather” and Beyoncé music videos.
“Historically significant properties take a special buyer because you need someone who respects and appreciates architecture of the ’20s and ’30s, and who understands the historical significance,” Marguleas told The Post.
The 800-foot driveway leads to the pink house with an 80-foot entry hall, a 22-foot high hand-painted arched ceiling and a two-story library with hand-carved paneling.
Inside, the estate has 35,000-square-feet of wide balconies, paneled walls, carved ceilings and molded fireplaces. It offers an art deco nightclub, wine cellar, two luxury home theaters, spa, gym, massage room, billiards room, lighted tennis court, formal dining room, breakfast room, family room, commercial kitchen, terraces with room for a 400-guest dinner and a 9-foot Dennis Abbe mural, The Post reported.
The gardens’ reflection pools have waterfalls that lead to an Olympic-size swimming pool with Roman pillars. The lot can host 1,000 guests and offers an eight-car garage, a guest house and several staff offices.
