Market Overview

Bezos Purchases Jack Warner's Former Beverly Hills House For $165M In Record Deal

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Bezos Purchases Jack Warner's Former Beverly Hills House For $165M In Record Deal

The world's richest person Jeff Bezos has set a new record for the most expensive purchase of residential property in Los Angeles.

What Happened

The Amazon.com Inc. (NASDAQ: AMZN) founder and CEO has purchased the Beverly Hills Warner Estate for $165 million from billionaire entertainment mogul David Geffen, the Wall Street Journal reported Wednesday.

The iconic house was originally owned by Warner Bros co-founder Jack Warner and his family since the 1930s. The entertainment company is currently owned by AT&T Inc. (NYSE: T).

Geffen had purchased the 9-acres-house from the estate's lawyers back in 1990 upon the death of Warner's wife, Ann Warner. The $47.5 million paid by Geffen for the house was a record purchase at the time, according to the Journal.

Why It Matters

The mansion has often been described as one of the grandest, not just in the United States, but in the world, including by the Los Angeles Times and the Architectural Digest.

"This estate, like so many other studio moguls' houses, was the symbol of Warner's hard-won success," Architectural Digest said in an article in 1992.

According to the LA Times, Ann had refused a $25 million for the house because she wanted to keep it until she died.

Bezos and girlfriend Lauren Sanchez had been house hunting in the Beverly Hills area for a while, as reported by the New York Post earlier this month.

In June last year, the billionaire purchased three apartments in New York that are valued at about $80 million, according to the Journal.

Price Action

Amazon's shares traded 0.67% lower at $2,145.52 in the after-hours session on Wednesday after closing the regular session 0.43% higher at $2,160.

Photo Credit: Public domain image via Wikimedia.

Posted-In: Amazon Beverly Hills Jeff BezosNews Tech Media General Real Estate Best of Benzinga

 

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