A $47 million offer on the home was accepted last month, but was then subject to an "overbid"
Advertisement
Hearst Estate Relisted for $89.75M
Simon Berlyn; Inset: J. E. Purdy/MPI/Getty Images
| Credit: Simon Berlyn; Inset: J. E. Purdy/MPI/Getty Images

An iconic piece of Los Angeles history officially sold this week for $63.1 million after more than a year on the market, several price cuts and an accepted offer of $47 million last month.

The Hearst Estate in Beverly Hills had last been listed for $69.95 million in June — when it took a nearly $20 million price cut from its previous $89.7 million listing price in April.

On Tuesday, the home was subject to an "overbid," an auction to confirm the sale, despite having the accepted offer. There were five overbidders at the auction, PEOPLE can confirm, and the home went to the highest bidder, who offered $63.1 million.

The property's owner, attorney Leonard Ross, originally attempted to sell the property for $195 million in 2016, according to The Los Angeles Times. As of June, Ross had racked up more than $50 million in debt on the estate, and his lender, Fortress Investment Group, successfully petitioned the bankruptcy court to force the sale.

Anthony Marguleas of Amalfi Estates, Gary Gold of Hilton & Hyland and Zizi Pak of Rodeo Realty shared the listing.

Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn
Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn

The property comes with a priceless history that includes its most famous owner, publishing magnate William Randolph Hearst, who bought it with actress Marion Davies. It was built in 1927 by Gordon Kaufmann, who's also responsible for the Hoover Dam, Greystone Mansion and the Hollywood Palladium.

Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn

Previously known as the Beverly House, it's seen some notable visitors over the years, including Jacqueline and John F. Kennedy, who spent their honeymoon at the estate in 1953. It would later serve as the West Coast campaign headquarters for the future president and first lady. The massive property also provided filming locations for The Godfather (1972) and The Bodyguard (1992).

Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn

Sitting on 3.5 acres, the salmon-colored structure is shaped like an H, with two guesthouses, a pool house and a two-story guesthouse. The most recent expansion was completed in the 1990s.

Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn

The 29,000-square-foot main house features 22-foot hand-painted ceilings, a two-story wood-paneled library, two screening rooms and an Art Deco nightclub, complete with a bar salvaged from Hugh Hefner's L.A. supper club Touch, which closed in 1986.

Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn

A billiards room has original herringbone floors, as well as a stone fireplace from Hearst's former home, the iconic Hearst Castle in San Simeon, California.

Hearst Estate Relisted for $89.75M
Credit: Simon Berlyn

RELATED VIDEO: Million Dollar Listing LA's Tracy Tutor Says the Real Estate Market Is 'Shifting Constantly'

With eight bedrooms, there's space for plenty of visitors. The estate comes with a number of patios and balconies, with views of the tennis court, Olympic-sized swimming pool and stunning manicured gardens, designed by landscape architect Paul Thiene. Fountains, loggias, lawns and terraces throughout the private grounds are lit by vintage lampposts.