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Once Listed for 5M, the Danny Thomas Estate Sells for Steeply Discounted M

The $135 million asking price on the former mansion of Hollywood legend Danny Thomas always seemed a bit ambitious.

After the mansion popped on and off the market for a couple of years, according to The Wall Street Journal, Evan Metropoulos—brother of Playboy mansion owner Daren Metropoulos—closed the deal on the well-positioned estate for $65 million, which is less than half the asking price.

The Metropoulos brothers know how to score a discount. The Playboy mansion was listed at $200 million, but Daren bought it for $105 million, with the caveat that longtime resident Hugh Hefner gets to live there in perpetuity.

Now Evan has made a similar killing, but the seller of the Danny Thomas mansion, billionaire business mogul Gilbert Chagoury, can’t be too upset about the final price. After all, he paid only $15 million for the place in 2000.

Over the years, he spent millions to remodel the Moorish-style estate built in 1970 by the famed comedian, singer, actor, and producer.

According to listing agent Aaron Kirman, the new entryway of the 11,880-square-foot mansion “is unbelievably grand.” It features Italian marble, gold-leaf ceiling, and $2.5 million in Baccarat crystal chandeliers.

“You walk in, it’s a jaw-dropping experience,” Kirman adds.

The home now has seven bedrooms and 10 bathrooms. Among its many fabulous features are a ballroom, media room, pool with waterfall spa, motor court for 20 cars, staff quarters, and chef’s kitchen with Viking and Miele appliances.

But Kirman says the true value—as with most real estate—is in the location.

“It’s the best estate site in the city of Los Angeles, arguably around the world,” he notes. The 2.5-acre lot sits on a promontory and offers 360-degree views of the mountains, city, and ocean.

Thomas was the star of the hit TV series “Make Room for Daddy,” which ran in the late 1950s and early 1960s. He also founded St. Jude Children’s Research Hospital. He died in 1991.

The wheeling and dealing Metropoulos brothers are the sons of investor Dean Metropoulos, who saved Hostess from liquidation and revitalized the Pabst Blue Ribbon label into the favored suds of hipsters everywhere. The three are principals in the investment firm Metropoulos & Co.

The post Once Listed for $135M, the Danny Thomas Estate Sells for Steeply Discounted $65M appeared first on Real Estate News & Advice | realtor.com®.

Source: Real Estate News and Advice – realtor.com » Real Estate News