Billionaire David Geffen just purchased a $68 million Beverly Hills estate from Los Angeles Olympic Organizing Committee President Casey Wasserman.

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.

Realtor.com

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.

Email Veronika Bondarenko

homebuying
Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Prepare for this fall with top agents & brokers at Connect Now this Tuesday.GET YOUR TICKET×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription