Report: Jeff Bezos Buys L.A. Mansion for $165M
Jeff Bezos is the reported buyer of more prime real estate. This time, the Amazon CEO has dropped a record $165 million on a storied estate in Beverly Hills, Calif., according to The Wall Street Journal.
Bezos purchased the property — designed for Warner Bros. president Jack Warner in the 1930s — from media mogul David Geffen, and the price tag eclipses a $150 million residential real estate purchase of a Bel-Air estate last year by Lachlan Murdoch.
The Journal, citing a person familiar with the transaction, reported that Bezos Expeditions, an umbrella company for various Bezos endeavors, also spent $90 million for a nearby plot of undeveloped land from the estate of the late Microsoft co-founder Paul Allen.
The Warner Estate was celebrated as the ultimate studio mogul property in a 1992 feature in Architectural Digest. The 13,600-square-foot Georgian-style mansion sits on nine acres and was said to include "expansive terraces and gardens, two guesthouses, nursery and three hothouses, tennis court, swimming pool, nine-hole golf course and motor court complete with its own service garage and gas pumps."
Geffen bought the property for $47.5 million in 1990 — which was a record then for a Los Angeles area home.
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"No studio czar's residence, before or since, has ever surpassed in size, grandeur, or sheer glamour than the Jack Warner Estate on Angelo Drive in Benedict Canyon," Hyland wrote.
Bezos' appetite for fancy living spaces has him scooping up properties on both coasts. Last June, the world's richest person was the reported buyer of three condos in New York City valued at $80 million. In 2017, he purchased a mansion in an exclusive Washington, D.C., neighborhood for $23 million and then set out to renovate the place for a reported $12 million.
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dot.LA is kicking off its inaugural summit Tuesday with a line-up of the players, investors and executives shaping tech and media in Los Angeles, including the head of Reese Witherspoon's Hello Sunshine media company, Silicon Valley's top dealmaker Bill Gurley and GoodRx CEO Doug Hirsch.
I have long been a proponent of going public because I believe it creates stronger, more disciplined companies that deliver greater shareholder value. It's great to see the pendulum in the founder and venture capital community swinging away from the "stay private longer" attitude that dominated tech over the last decade.
That said, the traditional IPO listing path has many shortcomings. I experienced this firsthand in 2011 when we took Zillow public. The cover price on the original S-1 was $12-$14 a share, but we upped it to $14-$16 due to strong demand on the IPO roadshow. We priced it at $20 a share, only to watch the first trade open at $60 that day. (Note: Zillow has since done a 3-for-1 stock split, so divide these numbers by three if you're trying to compare it with today's ~ $100 stock price.)
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