Economy

Jeff Bezos Shopping for $165 Million Property, a California File

Jeff Bezos Shopping for $165 Million Property, a California File”

The world's richest man is on a real estate binge.

Amazon Chief Executive Jeff Bezos, the world's wealthiest person, has purchased a Beverly Hills mansion known as the Warner Estate from media mogul David Geffen for $165 million, a source familiar with the deal said on Wednesday.

According to CNN, this isn't the Amazon founder's only Los Angeles purchase. Bezos has been searching for a home for the past year, according to the Post. Although the transaction was record-setting for residential properties below 42nd Street, billionaire Ken Griffin eclipsed the sale with his purchase of a $238 million penthouse at 220 Central Park in January 2019 - the most expensive home ever sold in the United States. The property was purchased by Geffen in 1990 for $47.5 million, which was the national record at the time.

Representatives for Bezos Expeditions and Amazon did not immediately respond to requests for comment.

The newspaper also reports that Bezos Expeditions, the executive's venture capital firm, doled out $90 million for undeveloped Los Angeles land from the estate of Paul Allen, the Microsoft co-founder who passed away in October 2018.

Jeff Bezos is reportedly the new owner of a piece of Hollywood history.

Bezos' new home was built in the 1930s by Jack L. Warner, cofounder of the Warner Bros. movie empire, and spans nine acres including a 13,600 square foot mansion, a tennis court, swimming pool, nine-hole golf course and garages with their own gas pumps, according to a 1992 profile of the house by Architectural Digest magazine. The property had been on the market for two-and-a-half years before Geffen and Bezos shook on the deal, reportedly without a broker (imagine what that commission would have been like).

Although this all sounds like an exuberant amount of money, compared to Bezos' $130.7 billion net worth, it seems like a drop in the bucket. Bezos owns about 12% of the company.



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