Tom Gores, the chairman and CEO of Platinum Equity and owner of the Detroit Pistons franchise, has taken ownership of a newly built spec home in the Holmby Hills area of Los Angeles in a complex, $100-million deal in which multiple properties changed hands.
As part of the unusual sale, Gores has traded a number of his own Los Angeles-area properties, both developed and undeveloped, for the newly built estate on Carolwood Drive, sources who were not authorized to comment publicly told The Times. He will retain a profits interest in the traded properties, which include two undeveloped parcels totaling 3.2 acres in Bel-Air, to the extent that they are developed or sold.
The 3.2-acre property, once owned by the family of Herbert Kalmus, the co-founder and president of Technicolor Motion Picture Co., was most recently listed for sale at $47.9 million, according to public record.
The property Gores acquired, a two-plus-acre residence built on the grounds of Barbra Streisand's former "Mon Rêve" estate, was developed by Gala Asher, who purchased the property as a vacant lot two years ago for $13.25 million. It had been listed for sale since April at $150 million.
Completed this year, the sprawling contemporary-style home offers some 30,000 square feet of interior space with 10 bedrooms and 20 bathrooms spread across the main residence and several guest houses.
The master suite alone takes up 5,300 square feet — approximately twice the size of the average U.S. home — and opens to a heated covered patio.
Other features include a lounge, a wine room and a theater complex complete with a separate valet entrance for guests. A separate spa area boasts a cascading indoor water wall that flows into a lap swimming pool. A hair salon, a manicure/pedicure area and steam and massage rooms also reside on that level.
Outdoors, lighted trees serve as markers for a private hiking trail. Three swimming pools lie within the grounds, including two outdoor infinity pools.
There is parking for more than 50 vehicles as well as a 10-car garage.
Ginger Glass of Coldwell Banker Previews International was the listing agent. Tiffany Martin and Christine Martin of the Agency represented Gores.
Gores, whose net worth is about $3.3 billion, according to Forbes, founded of the Beverly Hills-based private equity firm Platinum Equity in 1995. The 52-year-old purchased a majority stake in the Pistons in 2011 for $325 million. Last year, he bought out the remaining shares of the team, giving him 100 percent equity in the franchise.
The purchase is just the latest for a storied area that has seen some of L.A.'s biggest home sales over the years.