Sunday, December 5, 2010

Hearst/Davies/Godfather Movie House: a Bargain at $95,000,000

"Former Hearst-Davies mansion for sale at $95 million"
Lauren Beale, Money & Company, Los Angeles Times blog (September 20, 2010)

"In a sign of the times, the onetime Beverly Hills home of publishing magnate William Randolph Hearst and actress Marion Davies, which was listed for sale briefly three years ago at $165 million, is back on the market at the 2010 price of $95 million. Its owner, attorney-investor Leonard M. Ross, filed for bankruptcy protection last week.

"The reduced price is not surprising given the condition of the housing market. Median home prices in Southern California have declined 43% since their peak in 2007, according to MDA DataQuick, matching the price drop reflected on the new listing.

"Called Beverly House, the 1920s mansion has had fairy tale moments. John and Jacqueline Kennedy honeymooned there. But it was also used to film scenes from the movie 'The Godfather,' including the one in which a horse's head was found in a bed.

"The longtime current owner filed for Chapter 11 on Wednesday even though his assets exceed his liabilities, court documents show. A press release announcing the sale said 'unusual circumstances' and 'bank maneuverings' led Ross to seek protection under federal bankruptcy laws...."

That drop in asking price - from $165,000,000 to $95,000,000 - is pretty steep. Even so, the Lemming won't be bidding on that property. It's nice to look at pictures of places like that, though.

Besides: this way, the Lemming gets the fun of thinking about a massive residence like that - without having to worry about maintenance or keeping up payments on the mortgage.

There's a larger version of that photo in the L.A. Times blog post.

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