Details of David Geffen’s big Beverly Hills purchase come into focus
David Geffen turned L.A.’s real estate market on its head once again last week when he entered escrow on a Beverly Hills estate owned by L.A. Olympics Organizing Committee president Casey Wasserman. Now details are starting to surface, and real estate sources say the media mogul is paying about $68 million for the ultra-modern mansion.
It’s a staggering sum but still quite shy of the $82.5 million Wasserman was asking (and significantly less than his original price tag of $125 million).
Geffen has plenty of cash on hand; earlier this year, he sold his Beverly Hills home to Amazon billionaire Jeff Bezos for a record-shattering $165 million, by far the most ever paid for a home in California.
This new colossal deal is the latest in a luxury market that seems to have not skipped a beat during the pandemic. At $68 million, it would be the second-highest sale in Southern California this year, beating out Kylie Jenner’s $36.5-million purchase in Holmby Hills and the $43.3-million sale of the Georgia Frontiere estate in Bel-Air.
Geffen’s new pad sits on 3.25 acres above Sunset Boulevard surrounded by lawns and lush landscaping. The main event is a three-story mansion of more than 18,500 square feet, but the property also tacks on an 85-foot tile infinity pool, an entertainer’s deck, a pool house with glass walls and a handful of outdoor dining areas.
Richard Meier — the Pritzker-winning architect behind the Getty Center — designed the sleek home. Wrapped in wood, it opens to an eye-catching combination of stone, glass, steel and white oak.
Massive gallery-like living spaces boast automated steel doors across the main level, opening to the private backyard. There’s an expansive great room, an open dining area and a center-island kitchen.
Two staircases and an elevator navigate the floor plan, which rises to a wood-covered master suite with a spacious deck and lounge. A gym and movie theater are down below.
Stephen Shapiro of Westside Estate Agency held the listing. When reached by phone last week, he declined to comment on the deal. Kurt Rappaport, also with Westside Estate Agency, represented Geffen.
Geffen, 77, is known for founding the music labels Asylum Records, Geffen Records and DGC Records, which is now Interscope Geffen A&M Records. In 1990, he co-founded DreamWorks Pictures with Steven Spielberg and Jeffrey Katzenberg.
Wasserman founded his eponymous sports marketing and talent management company in 1998. His entertainment ventures have included ownership of the Los Angeles Avengers, part of the Arena Football League, which folded in 2009.
After spearheading L.A.’s bid for the 2028 Olympics, Wasserman now serves as president of the Los Angeles Olympic Organizing Committee.