Former Michael Jackson Home Sells for $18.1 Million
November 05, 2012 - Los Angeles
The home where pop singer Michael Jackson lived for about six months until his death has sold for $18.1 million, according to broker Mauricio Umansky, who represented both the buyer and the seller in the transaction.
Mr. Umansky declined to name the buyer, but two people close to the deal said it was Steven Mayer, a senior managing director of private investment firm Cerberus Capital Management.
Concert promoter AEG had been renting the property for Mr. Jackson for $100,000 a month when he died in June 2009. The home belongs to Hubert Guez, owner of apparel company Ed Hardy, and his wife Roxanne Guez, according to public records.
Located in L.A.'s affluent Holmby Hills neighborhood, the 17,000-square-foot home has seven bedrooms, 13 bathrooms and 12 working fireplaces.
Designed by well-known architect Richard Landry, the French Chateau estate has a theater, a wine cellar and a tasting room, an elevator, a spa with a gym, and a guest house with stained-glass doors. There's also a pool and gardens on the roughly 1.3-acre property.
Real-estate developer Mohamed Hadid built the home in 2002. The Guez family bought it in 2004 for $18.5 million.
Two years ago, the couple put it up for sale for $29 million. They re-listed it for sale earlier this year for $23.9 million.
Mr. Umansky, chief executive and founder of real-estate firm the Agency, said he thinks "this house will ultimately become a legendary place in music history, much like where Elvis lived."
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