In the world of real estate, sometimes buyers and sellers find it propitious to split their properties into smaller ones in order to sell them more easily, or without having to move from their homes. This strategy was successfully employed by real estate investor Gary L. Wilson, who previously owned the impressive 4.5-acre estate that once belonged to Bill Goetz, one of the founders of 20th Century Fox. In 2017, Wilson decided to split the estate, selling 2.3 acres to billionaire Nicolas Berggruen, who has now acquired the other half of the Holmby Hills estate to restore it to its former glory, according to reports from The Real Deal.
The 2017 transaction was valued at $40.8 million and included the estate's expansive main house, an 11-bedroom Georgian revival mansion that dates back to the Goetz era. The second half of the estate, which Berggruen purchased later, features a more modest two-story home with 1,780 square feet and a two-story pool house. This more recent acquisition was reported to have sold for a significantly lower price of $22.5 million.
This price reflects a considerable drop from the property's original asking price of $37 million when it first hit the market, before being listed at $25 million in its final offer. While no one can predict Berggruen's plans for the newly unified Goetz estate, marketing materials from Hilton & Hyland suggest it might be an ideal opportunity to construct a grand main house, indicating potential future developments.
| Detail | Information |
|---|---|
| Previous Owner | Gary L. Wilson |
| Original Owner | Bill Goetz |
| Total Estate Size | 4.5 acres |
| First Sale Year | 2017 |
| First Sale Price | $40.8 million |
| Second Sale Price | $22.5 million |
| Original Asking Price | $37 million |
| Final Listing Price | $25 million |
What You Will Learn
- Understanding how property subdivision can facilitate real estate transactions.
- Insights into the Holmby Hills estate's historical significance and ownership.
- The financial implications of property sales and their pricing strategies.
- Potential future developments for the Goetz estate under its new ownership.
