Billionaire entertainment mogul David Geffen just purchased a $68 million Beverly Hills estate from Casey Wasserman — the second most expensive sale in Los Angeles this year. One of the founders of DreamWorks Pictures, Geffen sold his previous Beverly Hills estate to Jeff Bezos in February for $165 million, shattering records for the city’s priciest home.
Geffen’s new home, a 3.3-acre property known as the Foothill Estate, sits on the land once owned by Hollywood executive Lew Wasserman. Casey Wasserman, who is Lew’s grandson and president of the Los Angeles Olympic Organizing Committee, inherited the land. He then purchased an adjoining lot (once owned by Frank Sinatra), and in 2016, commissioned architects Richard Meier and Michel Paladino to build an 18,500-square-foot house.
The property has six bedrooms, 14 bathrooms and a modernist glass and oak exterior. It has an open living space, three floors and an elevator between them. There’s also an 85-foot pool, an art studio, and home theater. It was first listed for $125 million back in 2018, but was most recently listed for $82.5 million.
The Los Angeles Times first broke news of the sale.
The more than 40 percent price drop represents a trend in which developers and homeowners often set exorbitantly high price points on L.A. mansions, attracting press and public attention to the home, only to bring them down later.
Stephen Shapiro of Westside Estate Agency represented Rappoport while Kurt Rappaport of Westside Estate Agency worked with Geffen.
Geffen, who is worth approximately $8 billion, has been flexing major power in the luxury real estate world recently. His $165 million February sale to Bezos and this current buy are the two most expensive sales registered in Los Angeles county this year.