BEVERLY HILLS, Calif., Sept. 20 /PRNewswire/ -- The William Randolph Hearst and Marion Davies Estate in Beverly Hills has been listed for $95 million - reduced from $165 million when the larger Beverly House Compound was listed several years ago for a short period of time, before the compound was taken off the market. Perhaps the most famous property in Beverly Hills, the 50,000+ square foot Estate is perched on its very own hilltop above the Beverly Hills Hotel.
Beverly House was built by banking executive Milton Getz, who brought in world renowned architect Gordon B. Kaufmann to design the house. The well-known landscape architect Paul G. Thiene designed the legendary grounds. Marion Davies bought the property in 1946 for William Randolph Hearst, historical figure and most powerful publishing magnate of the 20th century, who moved there from San Simeon.
Unusual circumstances have led long time owner Leonard Ross to now list the Beverly House. Four years before the Goldman Sachs improprieties surfaced, Ross sued the leviathan Bank of America for what he claimed to be "alleged fraud involving a Goldman Sachs-type swap transaction with huge hidden, undisclosed, mark ups and fees." The Bank succeeded in moving the case away from the jury and the Court by utilizing the "California arbitration system which favors institutions, to which the arbitrators look for their next paycheck, all to the detriment of the individual," explains Ross. Because the Bank succeeded in arbitration in avoiding liability, the bank was awarded attorney fees, costs and pre-judgment interest. "You can't beat the banking institutions, at least not in arbitration" and "be careful which bankers and banks you trust," says Ross. And, a relatively small bank is presently attempting through legal maneuvering to affect the Beverly House, even though that bank never made a loan on the Beverly House. Ross is "of the opinion that bank is concerned about a regulatory takeover of it because of its own problems and so has manipulated collateral for other Ross related loans." These bank maneuverings have led Ross to seek protection under Federal Bankruptcy laws for himself and certain related entities even though his assets far exceed his liabilities.
The H-shaped mansion, with massive gardens, legendary rooms and pools, and a stone-paved motor courtyard, hosted Jacqueline and John F. Kennedy during their honeymoon. Beverly House, the name given to the property by William Randolph Hearst, has also played a character in the classic movies "The Godfather" and "The Bodyguard." As only the fourth owner, Ross has owned "Beverly House" for more than 30 years. During his ownership, he refurbished and expanded the Estate by adding over 20,000 square feet to the size and also reacquired adjacent property.
Jeff Hyland of Hilton and Hyland, exclusive affiliate of Christie's Great Estates located in Beverly Hills has the listing.
To view photographs, the history and description of the Estate, please go to www.Beverlyhouseestate.com.
SOURCE Hilton and Hyland