Former Hearst-Davies mansion for sale at $95 million

In a sign of the times, the onetime Beverly Hills home of publishing magnate William Randolph Hearst and actress Marion Davies, which was listed for sale briefly three years ago at $165 million, is back on the market at the 2010 price of $95 million. Its owner, attorney-investor Leonard M. Ross, filed for bankruptcy protection last week.

The reduced price is not surprising given the condition of the housing market. Median home prices in Southern California have declined 43% since their peak in 2007, according to MDA DataQuick, matching the price drop reflected on the new listing.

Called Beverly House, the 1920s mansion has had fairy tale moments. John and Jacqueline Kennedy honeymooned there. But it was also used to film scenes from the movie “The Godfather,” including the one in which a horse's head was found in a bed.

The longtime current owner filed for Chapter 11 on Wednesday even though his assets exceed his liabilities, court documents show. A press release announcing the sale said “unusual circumstances” and “bank maneuverings” led Ross to seek protection under federal bankruptcy laws.

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http://latimesblogs.latimes.com/money_co/2010/09/former-hearst-davies-mansion-for-sale-for-95-million.html

:evilgrin:

I can have a DU Open House!!!!

:thumbsup: :hi:

:hi:

columnist thomas friedmann.

Assets exceed liabilities? Nice bankruptcy there, by the way.

this house was owned by Marion, not Hearst.

I know some of her relatives (via marriage) who lived in this house after she died.

I'd say it's appreciated way more than other assets.

I have the Godfather theme running through my empty noggin.