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Billionaire Nicolas Berggruen Spends Almost $23 Million On Second Half Of Former Goetz Estate

Although Berggruen’s plans for the recently completed Goetz estate are unknown, current marketing materials for the home describe it as “the perfect opportunity to build a great main house to complete this compound.”

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Real estate purchasers and sellers occasionally find it advantageous to divide larger properties into smaller ones in order to sell them more quickly or without having to vacate their houses. The same thing happened to real estate mogul Gary L. Wilson, who was the previous owner of the vast 4.5-acre estate that formerly belonged to Bill Goetz, one of the 20th Century Fox founders. He divided the estate’s 2.3 acres and sold it to a Nicolas Berggruen in 2017, and the same billionaire has now bought the other half of the Holmby Hills home to restore it to its former splendor, according to The Real Deal. The vast main house of the estate, an 11-bedroom home in the Georgian revival style that dates back to the Goetz era, was included in the 2017 acquisition for $40.8 million. One of the reasons the more recent acquisition cost so much less money was that the home on the adjoining, recently purchased half is a lot more modest two-story residence with 1,780 square feet as well as a two-story pool house. The ultimate sale price is said to have been $22.5 million, to be exact. And compared to the property’s initial asking price, that was a great deal. The property’s asking price initially stood at $37 million before falling to $25 million in its most recent listing. Although Berggruen’s plans for the newly combined Goetz estate are unknown, previous Hilton & Hyland marketing materials for the divided half referred to it as “the perfect opportunity to build a large main home to complete this compound,” suggesting that may be what he intends to do. Watch the video below, shot by filmmaker Robin Fenlon, to see the estate’s original main house in the interim: