The French-born investor known as the ‘homeless billionaire’ because of his constant travel and lack of a permanent address is the new owner of the Beverly Hills mansion made famous in The Godfather’s ‘horse’s head’ scene as well as the Mood 4 Eva music video by pop star Beyoncé.
Nicolas Berggruen, the 60-year-old real estate mogul whose wealth has been valued by Forbes at $1.7billion, plunked down $63.1million for the famous Hearst estate known as Beverly House, the most ever paid for a home at an auction.
It is the same house where John F. Kennedy honeymooned after his wedding to Jacqueline Kennedy in 1953.
The seller, attorney Leonard Ross, initially sought $195million for the home, which was first listed for sale in 2016. Since there were no takers, Ross had to slash his asking price repeatedly.
Berggruen emerged as the winner of a competitive auction for the home that was held in downtown Los Angeles on Tuesday, the Los Angeles Times has reported.
The image above shows Beverly House, the estate once owned by publishing giant William Randolph Hurst, in Beverly Hills, California
The home was featured in the hit 1972 film The Godfather. It appeared in the famous scene where film producer Jack Woltz, played by John Marley (above), wakes up to find the severed head of a horse in his bed
The home also serves as a backdrop in the music video to the song Mood 4 Eva by Beyoncé (seen above)
It is the same house where John F. Kennedy honeymooned after his wedding to Jacqueline Kennedy in 1953. The future president and first lady are seen above after their wedding in Rhode Island in September 1953
The bidding, which began at $48million, was more intense than initially anticipated.
Berggruen’s original offer was $47million, which was accepted by the seller, attorney Leonard Ross.
Nicolas Berggruen, the 60-year-old real estate mogul whose wealth has been valued by Forbes at $1.7billion, plunked down $63.1million for the famous Hearst estate known as Beverly House, the most ever paid for a home at an auction
The accepted offer led to a bankruptcy sale through auction.
In 2019, Ross filed for chapter 11 bankruptcy on the Fortress Investment Group, limited-liability company that owns the property, to avoid a foreclosure auction.
The property, called Beverly Home, was listed for almost $90million in April 2020 after he was appointed a bankruptcy administrator to sell it on behalf of Fortress, the Wall Street Journal reported.
Fortress reported that it owed over $70million in unpaid loans and interest on the house. The asking price has since dropped to $69.95million.
Property taxes and maintenance might be factors in the dipping price and why the house has been difficult to move. Beachamp Estates, a UK-based brokerage company, estimated only 20 international families could buy and maintain the home, making this the most expensive home in the US.
Those who file for Chapter 11 usually propose a plan of reorganization in order to hold onto their assets and pay creditors back over time.
He purchased the 19-bedroom, 29-bathroom home for $2million in the mid 1970s - just years after it was used to film the iconic horse's head scene in Francis Ford Coppola's 1972 film, The Godfather.
The financier embarked on a large-scale renovation of the home in the 1990s, and began renting it out for events.
It also appeared in 1992's The Bodyguard, starring Whitney Houston. The home also served as a backdrop in Beyonce’s music video for her hit song Black Is King.
The house was built in 1925 by English born architect Gordon Kaufman, the man best known for his work on the Hoover Dam.
At 50,000 square feet of interior space, Beverly House quickly became known as one of the country's most opulent homes.
It was bought by banker Milton Getz but its most famous owner was publishing giant William Randolph Hearst.
The media mogul was given the property as a gift by actress Marion Davies in 1946, with his 'mistress' paying just $120,000 for the mansion.
The 29,000-square-foot Spanish-style home was initially listed for the asking price of $195million
The home is built with extremely high ceilings - a 22-foot ceiling in the living room is hand-painted
An Olympic-sized pool is in the backyard and has appeared in Beyoncé's Mood 4 Eva music video
The property has several fountains surrounded by lush greenery and bright flowers, including one in the driveway
