Key Takeaways
- • Peter Thiel, PayPal and Palantir co-founder and venture capitalist, is the buyer of Casa Encantada, a 1938 Bel-Air mansion that sold for $130M in July, according to the Wall Street Journal.
- • The purchase was made through a limited liability company linked to Thiel, with the buyer's identity kept private for months after an open-air foreclosure auction in Pomona.
- • The $130M price is the most expensive Los Angeles home sale so far this year, but well below the former owner's asking prices of $225M in 2019 and $250M in 2023.
- • Thiel reportedly bought the estate as an investment rather than a residence, and plans to upgrade the property.
Summary
Tech billionaire Peter Thiel has been revealed as the new owner of Casa Encantada, a storied Bel-Air estate that quietly sold in July for $130M. According to the Wall Street Journal, which first reported the buyer's identity, the winning bid came from a limited liability company linked to Thiel, a venture capitalist and co-founder of PayPal and Palantir. The sale took place at an open-air foreclosure auction in Pomona, and the buyer's name had been kept under wraps for months.
The 1938 property spans about 8.4 acres overlooking the Bel-Air Country Club and comprises roughly 40,000 square feet. Its Deco-Hollywood interiors include seven bedrooms, 20 bathrooms, multiple dining rooms and lounges, a walnut-paneled library, a tennis court, terraced gardens, a 60-foot tiled swimming pool and a two-storey guesthouse. The sale is the most expensive in Los Angeles so far this year, though it falls well short of the previous owner's asks. Late telecom mogul Gary Winnick sought $225M in 2019 and $250M in 2023, when the property was the priciest home in the US at the time. Winnick died in 2023 amid substantial debt.
The estate has a notable ownership history. Hotel magnate Conrad Hilton bought it in 1950, and billionaire David Murdock acquired it in 1980 for a record $12.4M. It set a second price record in 2000, when Winnick bought it for $94M.
According to the Journal, Thiel had been considering the property for months before the auction. He does not plan to live there, viewing it instead as an investment and intending to upgrade it. The acquisition adds to a real estate portfolio spanning three continents, including compounds in Hawaii and New Zealand, homes in Miami and Washington DC, and a recently acquired mansion in Buenos Aires. Thiel reportedly moved his primary residence from California to south Florida last year amid a wealth tax debate in the Golden State.
The 1938 property spans about 8.4 acres overlooking the Bel-Air Country Club and comprises roughly 40,000 square feet. Its Deco-Hollywood interiors include seven bedrooms, 20 bathrooms, multiple dining rooms and lounges, a walnut-paneled library, a tennis court, terraced gardens, a 60-foot tiled swimming pool and a two-storey guesthouse. The sale is the most expensive in Los Angeles so far this year, though it falls well short of the previous owner's asks. Late telecom mogul Gary Winnick sought $225M in 2019 and $250M in 2023, when the property was the priciest home in the US at the time. Winnick died in 2023 amid substantial debt.
The estate has a notable ownership history. Hotel magnate Conrad Hilton bought it in 1950, and billionaire David Murdock acquired it in 1980 for a record $12.4M. It set a second price record in 2000, when Winnick bought it for $94M.
According to the Journal, Thiel had been considering the property for months before the auction. He does not plan to live there, viewing it instead as an investment and intending to upgrade it. The acquisition adds to a real estate portfolio spanning three continents, including compounds in Hawaii and New Zealand, homes in Miami and Washington DC, and a recently acquired mansion in Buenos Aires. Thiel reportedly moved his primary residence from California to south Florida last year amid a wealth tax debate in the Golden State.
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