Detroit Pistons owner Tom Gores relists Bel-Air lot for $52 million
With the high-end housing market continuing to trend upward in Los Angeles, Detroit Pistons owner and private equity magnate Tom Gores has put a prime development property in Bel-Air back on the market for $52 million, up $2 million from what it listed for last year.
Set above the Bel-Air Country Club, two private driveways lead up to the graded 3.2 acre site, which includes a flat lot of approximately 2.8 acres. Retaining walls, an underground structure and a 15-car garage are currently within the grounds, listing details note.
The property once belonged to the family of Herbert Kalmus, the co-founder and president of Technicolor Motion Picture Co., and included a 1920s Mediterranean-style mansion that has since been razed.
Verna Harrah, the late film producer and wife of casino magnate William F. Harrah, is another former owner.
Gores acquired the two-parcel properties in separate transactions in 2005 and 2008 for a total of about $18 million, property records show.
Samira Gores and Christine Martin of The Agency are the listing agents.
Gores, whose net worth is about $3.3 billion, according to Forbes, is the founder of the Beverly Hills-based private equity firm Platinum Equity.
The 51-year-old purchased a majority stake in the Pistons in 2011 for $325 million. In September, he bought out the remaining shares of the team, giving him 100 percent equity in the franchise.
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