David Geffen Sells Beverly Hills Development Site For $34 Million
The hits keep on coming for David Geffen.
The media magnate this week unloaded another prized piece of his real estate portfolio, selling a development site on Beverly Hills’ so-called “Billionaire’s Row” for $33.75 million.
It was only a year ago that Geffen purchased the one-acre lot for $30 million. At the time of the sale, the property on North Hillcrest Road had been marketed with plans for a 24,500-square-foot modern mansion designed by architecture firm for Shubin Donaldson, according to the Los Angeles Times.
Nestled between the Bird Streets and Trousdale on a narrow ridge, North Hillcrest Road is coveted for its explosive views stretching from downtown Los Angeles to the Pacific Ocean.
Recent transactions on the street include Minecraft creator’s Markus Persson’s $70-million purchase of a spec home and Pabst Brewing co-CEO Evan Metropolous’ $65-million purchase of the Danny Thomas estate.
The buyer of Geffen’s lot was identified by The Times as real estate investor Randall Van Wolfswinkel.
A native of Santa Barbara, Van Wolfswinkel is the owner and chief executive of Dallas-based homebuilder First Texas Homes. Barbara Duskin of Beverly Hills-based brokerage Hilton & Hyland represented Van Wolfswinkel in the deal.
For Geffen, the transaction wraps up a wild year of wheeling and dealing.
In February, the DreamWorks Studios co-founder made California history when he sold his prized Beverly Hills estate to Amazon
He followed up his record-setting deal with the June purchase of sports and entertainment executive Casey Wasserman’s modern trophy home in Beverly Hills for $68 million.