A Bel-Air mansion owned for three decades by automotive executive Lee Iacocca is coming on the market for $26 million.

Mr. Iacocca bought the Italianate-style home for $4.25 million in 1993, shortly after he stepped down as Chrysler’s chairman.

It is now being sold by his daughters following his death last year at age 94.

The roughly 11,000-square-foot Tuscan-style home is on Chalon Road, close to the Bel-Air Country Club and the Hotel Bel-Air.

It sits on more than an acre of land and comes with a tennis court, according to the listing agents, Rick Hilton and David Kramer of Hilton & Hyland.

The property, which has four bedrooms plus a staff apartment, is "remarkably current in style" and is in good condition.

Listing images show a wood-paneled library with coffered ceilings, a large dining room with french doors leading to the garden and a large master suite with a living-room area and dual bathrooms.

The son of Italian immigrants, Mr. Iacocca rose to the top of Ford, where he helped launch the Mustang, a sports car that came to symbolize the 1960s.

In the late 1970s he was named chief executive of Chrysler, which he helped stabilize. His appearances in television commercials for the company helped turn him into a celebrity.

Source : WSJ / BY KATHERINE CLARKE