Details emerged from David Geffen’s big Beverly Hills purchase

David Geffen revived the LA real estate market once again last week when he entered the escrow at the Beverly Hills estate owned by Olympic Committee president A. Casey Wasserman. Now details are starting to emerge, and real estate sources say media mogul is paying around $ 68 million for ultra-modern homes.

That is a surprising amount but still a fraction of the $ 82.5 million requested by Wasserman (and significantly less than the original price tag of $ 125 million).

Geffen has a lot of cash; earlier this year, he sold his home in Beverly Hills to Amazon billionaire Jeff Bezos at a record-breaking $ 165 million, by far the most paid for a home in California.

This new colossal deal is the latest in the luxury market which has apparently not ticked during the pandemic. At $ 68 million, it will be the second highest sales in Southern California this year, beating the $ 36.5 million purchase of Kylie Jenner in Holmby Hills and the sale of $ 43.3 million sales of Georgia’s Frontiere plantation in Bel-Air.

The new Pad of Geffen is located on 3.25 hectares above Sunset Boulevard surrounded by lush lawns and landscaping. The highlight is a three-storey house of more than 18,500 square feet, but the property also houses an 85-foot high infinity tile pool, an entertaining deck, a billiard house with glass walls and several outdoor dining areas.

Richard Meier – Pritzker’s winning architect behind the Getty Center – designed a sleek house. Wrapped in wood, it’s open to an interesting combination of stone, glass, steel and white oak.

The large gallery-like living space boasts automatic steel doors across the main floor, opening into a private backyard. There are large, spacious rooms, open dining rooms, and kitchens in the center of the island.

Two stairs and an elevator navigate the floor plan, which goes up to the main room which is covered in wood with a spacious deck and lounge. Gym and cinema is below.

Stephen Shapiro from Westside Estate Agency is listing. When contacted by telephone last week, he declined to comment on the agreement. Kurt Rappaport, also with the Westside Estate Agency, represented Geffen.

Geffen, 77, is best known for founding music labels Asylum Records, Geffen Records and DGC Records, now Interscope Geffen A&M Records. In 1990, he co-founded DreamWorks Pictures with Steven Spielberg and Jeffrey Katzenberg.

Wasserman founded his eponymous marketing and talent management company in 1998. His entertainment efforts included ownership of the Los Angeles Avengers, part of the Arena Football League, which was folded in 2009.

After pioneering the L.A. offer for the 2028 Olympics, Wasserman now serves as president of the Los Angeles Olympic Committee.