Hot Property: Facing NBA expulsion, Donald Sterling buys a house in Beverly Hills
Donald Sterling, guilty in the court of public opinion, is unlikely to be gracing the sidelines of Staples Center any time soon. However, that hasn’t stopped him from dabbling in the arena that made him a billionaire: real estate.
With a $2.5-million fine and possible expulsion from the NBA looming, Sterling has made another addition to his massive real estate portfolio. Records show that a trust associated with the embattled Los Angeles Clippers owner paid $5.16 million for a house in Beverly Hills.
The Spanish-style house, built in 1931, occupies more than a quarter of an acre with mature trees, a grass lawn and an inner courtyard. Spanning more than 5,300 square feet across two stories, open interiors boast vaulted ceilings, delicate molding and wood flooring.
A grand foyer, formal living room and a master suite with a generous dressing room are among its features. In all, the floor plan has five bedrooms, five full baths and maids quarters.
Sterling traditionally employs a buy-and-hold investment strategy for his real estate holdings and has properties dating to the 1960s. His portfolio counts more than 160 single and multifamily dwellings in Southern California, the majority of which have become rental properties.
His latest purchase, first reported by Bloomberg, closed May 12.
Sterling, 80, issued a formal response Tuesday to the NBA’s efforts to terminate his ownership of the Clippers, calling an upcoming meeting of NBA owners to decide his fate “neither fair nor impartial.” In April, he received a lifetime ban from the NBA and was fined $2.5 million after an audio recording of him making disparaging remarks about African Americans was leaked online.
The mansions, the prices, the market.
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