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William Randolph Hearst’s LA Estate Made Famous In “The Godfather” Hits The Market For $89.75 Million

One of Los Angeles’ most famous homes has just had its price reduced from $195 million to $89.75 million due to the ongoing bankruptcy proceedings of its current owner. According to reports, the current owner owes overdue loans and interest totaling more than $52.3 million.

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The price of one of the most well-known residences in Los Angeles has just dropped from $195 million to $89.75 million due to the current owner’s continuing bankruptcy procedures. According to reports, the current owner owes overdue loans and interest totaling more than $52.3 million. The property, which was originally owned by William Randolph Hearst, was featured in “The Godfather,” and was the setting for a Beyonce music video, will be sold by the administrator that a bankruptcy court designated to sell it.

The current owner, attorney Leonard Ross, put the LLC that owns the home into Chapter 11 bankruptcy in 2019 in order to avoid foreclosure and to put the litigation over loan defaults on pause. Ross has intermittently attempted to sell the renowned estate since 2007. In 2016, the highest price was $195 million. He even attempted to refinance the house via crowdsourcing.

The estate, which occupies five acres, was constructed in 1927. Actress Marion Davies eventually bought it after Hearst passed away in 1951. The residence was where President John F. Kennedy and Jacqueline Kennedy Onassis spent a portion of their honeymoon.