Murder Inc. Records founder Irv Gotti cuts a deal for new Encino farmhouse

Irving Lorenzo Jr., the record executive and producer better known as Irv Gotti, has purchased a home in Encino for $3.636 million.

Completed last year, the farmhouse-inspired traditional home sits behind gates on a more than quarter-acre lot.

Beyond the covered front porch, the main floor is largely devoted to open-plan space and includes formal living and dining areas, a two-island kitchen and a family room. An office/den and a home theater sit off the common area.

Some 6,600 square feet of living space also include five bedrooms and 5.5 bathrooms. A walk-in closet/dressing room and a lavish bath comprise the vaulted-ceiling master suite, which opens to a private balcony.

Outside, the hedged and fenced setting centers on a swimming pool and spa with a waterfall feature. A covered patio, a built-in barbecue, lawn and a fire pit complete the grounds.

The property had been listed since May at $3.699 million, according to the Multiple Listing Service.

Adi Livyatan of Rodeo Realty and Aristide Buhoiu of Royal Estate Properties were the listing agents. Michelle Schwartz of the Agency represented the buyer.

Gotti, 48, in 1997 co-founded Murder Inc., formerly known as the Inc., which has produced records for such artists as Ja Rule, Christina Milian and Vanessa Carlton. After a string of legal troubles that led to the decline of the company, the producer announced last year that he was reviving the record label with a new lineup of artists including Boogiie Byrd and the duo Fitted Circle.

He is also the creator of “Tales,” a scripted anthology series of hip-hop stories, which debuted last year on BET.

neal.leitereg@latimes.com | Twitter: @LATHotProperty