Introduction to Priciest Beverly Hills Single-Family Sale
Beverly Hills’ top single-family sale last quarter was 1028 Ridgedale Drive, which Australian billionaire James Packer sold for $59.6 million in April, according to Los Angeles County tax assessor records.
This is the latest installment in a feature providing a weekly update on quarterly top sales by market segment, based on TRDData.
Details of the Sale
Packer’s transaction was one of two single-family deals that closed in the city at over $50 million in the second quarter. The other was 942 North Alpine Drive, which went for $51.8 million in the same month. The price paid by Stancheck Capital LLC for the two-story estate at 1028 Ridgedale Drive was a reduction from its original 2023 ask of $85 million. You can see the top 10 by clicking here.
Property Features
Packer, a billionaire and the former chair of entertainment company Crown Resorts, bought the 12-bedroom, 18-bathroom mansion for over $60 million in July 2018. A white mansion with a black front door and black shutters, the home was built on 1.2 acres in 1930. The home spans 24,325 square feet of living space across a number of structures. Amenities include gym, office, pool house and guest quarters, theater with bar, game room, wine cellar and cigar room.
Real Estate Agents Involved
Kurt Rappaport of Westside Estate Agency and Drew Fenton of Carolwood Estates represented Packer in the deal. Rappaport also represented the buyer.
History of the Property
Jennifer Lopez and Ben Affleck rented the home and Danny DeVito and Rhea Perlman lived there for nearly two decades before selling it to developers Stuart and Stephanie Liner in 2015 for $26.6 million, according to records. The Liners then extensively renovated the estate.
Recent Activities of James Packer
The sale comes on the heels of Packer’s $110 million purchase of “Le Belvedere” at 630 Nimes Road in Bel-Air in March. The estate underwent extensive construction over the past five and a half years to basically rebuild the home from the ground up. Packer told an Australian media outlet, news.com.au, in March that he intended to move into the 10-bed, 15-bath home mid-year. Packer was the largest shareholder in Crown Resorts, a casino operator, before U.S. private equity giant Blackstone bought it in February 2022 for $6.4 billion. He is the son of late billionaire Kerry Packer, an Australian media tycoon.
Related News
Aussie billionaire James Packer’s Beverly Hills manse sells for $60M
Aussie billionaire James Packer lists Beverly Hills mansion for $85M
Aussie billionaire shells out $110M for Bel-Air manse, priciest sale so far this year
Conclusion
The sale of 1028 Ridgedale Drive for $59.6 million is a significant transaction in the Beverly Hills single-family market. The property’s rich history, extensive amenities, and recent renovation make it a unique and desirable estate. James Packer’s purchase of "Le Belvedere" in Bel-Air and his sale of this property demonstrate his active presence in the high-end real estate market.
FAQs
Q: Who sold the property at 1028 Ridgedale Drive?
A: Australian billionaire James Packer sold the property.
Q: How much was the property sold for?
A: The property was sold for $59.6 million.
Q: What are the features of the property?
A: The property has 12 bedrooms, 18 bathrooms, a gym, office, pool house, guest quarters, theater, game room, wine cellar, and cigar room.
Q: Who represented James Packer in the deal?
A: Kurt Rappaport of Westside Estate Agency and Drew Fenton of Carolwood Estates represented Packer.
Q: What is James Packer’s recent activity in the real estate market?
A: Packer recently purchased "Le Belvedere" in Bel-Air for $110 million.
