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How much could Gary Winnick's Bel-Air trophy home command?

Justice SystemCrime, Law and JusticeReal Estate SalesGlobal Crossing Limited

Word is out that financier Gary Winnick is quietly floating his estate in Bel-Air for sale at $225 million.

Although anyone can ask any amount for a property, the 8.4-acre trophy property is for sale at the right price, said a person familiar with Winnick’s real estate dealings. Winnick, the founder and chief executive of the investment firm Pacific Capital Group, had no comment.

Winnick, who founded and later sold Global Crossing, bought the Bellagio Road mansion in 2000 from Dole Food Co. owner David Murdock. The $94-million deal, which involved the telecom mogul ponying up a parcel of land, stood as the highest-priced home sale in California for years.

Casa Encantada was named in the 1930s by its original owner, glass manufacturing heiress Hilda Boldt Weber. Conrad Hilton, founder of Hilton Hotels, owned the estate for three decades starting in 1950.

The knoll-top property adjoins several holes on the private Bel-Air Country Club, affording the owner a degree of privacy that would be difficult to duplicate on the built-out Westside. The grounds include a swimming pool, a pool house and a tennis court.

Renovated extensively during Winnick’s ownership, the estate has seven bedrooms, 20 bathrooms and 28,725 square feet of building space, tax records show.

Winnick has been toying with changes in his residential holdings since last year, when he was eyeing the nearby Hannah Carter house and UCLA’s  Hannah Carter Japanese Garden. The Georgian Colonial house, with two dining rooms, five fireplaces and staff quarters, came on the market at a minimum bid of $9 million. Including the garden, priced at a minimum $5.7 million, the combined properties encompass 2 acres. The sale stalled when a Los Angeles County Superior Court judge found that UC regents had agreed to keep the garden in perpetuity.

The most expensive home for sale currently on the Multiple Listing Service is Fleur de Lys in Holmby Hills at $125 million, according to Realtor.com. The 4-acre-plus estate centers on a French-inspired mansion with 12 bedrooms and 15 bathrooms.  

ALSO:

California's million-dollar home sales hit five-year high

Jeremy Renner lists Holmby Hills house remodel at $24.95 million

Estate in Woodside, a Silicon Valley haven, sells for $117.5 million

 

Copyright © 2014, Los Angeles Times
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Justice SystemCrime, Law and JusticeReal Estate SalesGlobal Crossing Limited
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