Beverly Hillbillies Estate Sells For $200 Million Less Than Its Initial Asking Price—And Still Breaks A Record
Another record-breaking home sale has hit the books in California. The Los Angeles estate known as Chartwell has reportedly sold to Lachlan Murdoch, son of News Corp CEO and executive chairman Rupert Murdoch, as the Wall Street Journal reported earlier today. Lachlan Murdoch is co-chairman of News Corp. Forbes estimates the Murdoch family’s net worth at around $19.7 billion.
Chartwell had listed for $350 million about two years ago as an off-market listing, but when it finally entered the multiple listing service it had already had its first price reduction down to $245 million. That extra $100 million was perhaps a way to generate buzz and excitement, but there weren’t any takers in that stratosphere. It sat for a while at $245 million before coming down to $195 million as of this summer. That price cut may have been a strategic move to keep up with what the local market could bear since a few weeks later, news broke about the $119 million sale of The Manor, which had been asking $200 million. At the time this sale was the highest on record for California, but it has been knocked from its perch by the sale of Chartwell.
Even though its latest asking price was $195 million, it is reported to have closed for closer to $150 million, still setting a California record and coming in as the second-highest home sale for the U.S. as a whole, behind the $238 million New York penthouse bought by hedge funder Ken Griffin.
Chartwell’s other claim to fame is the Beverly Hillbillies television show which used the exterior for filming the credits to the show.
Besides Chartwell’s price strategy, it kept its interiors a secret with no photos of the 25,000-square-foot main house being revealed until late this fall when a video tour with one of the many agents repping the sale was released to the public. Perhaps it was the video tour that did it? Check it out above for dozens of bespoke details that accompanied the complete refurbishment of the interiors when its prior owner—the former CEO of television company Univision Jerrold Perenchio, who was worth $2.8 billion at the time of his death in March 2017—had the inside gutted from top to bottom and hired dozens of artisans to create a completely symmetrical French Neoclassical chateau.
Elsewhere on the property is a tennis court, pool and pool house (accessed by the secret tunnel that leads from the main house), a Wallace Neff-designed guest house, acres of gardens landscaped in European style with tall privacy hedges and trees so the property isn’t visible from the street.
The listing was represented by: Hilton & Hyland (agents Drew Fenton, Gary Gold and Jeff Hyland); Berkshire Hathaway HomeServices California Properties (agents Drew Gitlin and Susan Gitlin); for Coldwell Banker Global Luxury the agents are Joyce Rey and Jade Mills.