Despite years of also-ran status in the Los Angeles mansion game, it seems like the guard-gated community of Beverly Park is back in fashion — and in a big way, appropriately. Famous for its collection of steroidal mega-mansions and celebrity residents, Beverly Park has some of Southern California’s largest homes within its gates, but the enclave has suffered from slow sales and stagnant prices for well over a decade.
But no more. Before last year, none of Beverly Park’s 75 (or so) homes had ever sold for more than $40 million. But then the so-called Villa Firenze transferred for $51 million at auction; last month, Adele paid a whopping $58 million for Sylvester Stallone’s very custom Beverly Park mansion. Now, barely three weeks later, that Adele record has been shattered. Leveraged buyout kingpin Alec Gores has sold his custom-built Beverly Park whopper for exactly $70 million, in what appears to have been an all-cash deal. The Wall Street Journal first reported the big transaction.
Though Gores’ Beverly Park home was never available on the open market, it had been floated a few years back as a pocket listing, asking $95 million. With no takers, the massive house was subsequently given a complete renovation that transformed the Old World-style interiors into something much more clean-lined and generically contemporary, with loads of white and gray paint throughout. The place was then put back up for grabs, reportedly with the same $95 million ask.
Word on the hallowed Beverly Park streets is that our spendy buyer is a “mysterious Hong Kong businessman.” A careful records examination reveals plenty of clues that indicate the mystery man in question is Mainland China-born, Hong Kong-based gaming tycoon Hao Tang, a shadowy figure who has gained attention in recent years for his lavish spending.
In 2017, Tang reportedly dropped about $300 million to buy a big chunk of what is now Flutter Entertainment, the world’s largest online gambling company. And last year, Tang was part of a small group of ultra-wealthy Asian investors who began gobbling up large share chunks of Playtech, a gambling-focused global tech firm headquartered on the Isle of Man.
Tang also has some interesting business links to fellow Hong Kong billionaire Karen Lo, the Vitasoy heiress who has made waves in L.A.’s real estate market in recent years, building a $100+ million estate on Holmby Hills’ coveted South Mapleton Drive and buying a $70 million Malibu mansion.
As for Tang’s new Beverly Park home, the French chateau-inspired palace was designed for Gores by Richard Landry, who is also responsible for a number of other Beverly Park homes. Though the off-market listing indicated the place spans 40,000 square feet of living space, public records put the number at just under 32,000, a discrepancy that could be caused by the two-story guesthouse. Either way, it’s one of the largest homes in all of Beverly Park, with 11 bedrooms and 21 baths, and the 2.2-acre lot is heavily fortified and very private, with dozens of mature trees, formal gardens and lush landscaping. Out back, a sizable swimming pool is joined by a cabana and a big swath of grassy lawn.
There are no other Beverly Park properties publicly listed for sale, save for two vacant lots that are both currently tied up in escrow, per the MLS. Some of Tang’s new neighbors include Denzel Washington, Eddie Murphy, Mark Wahlberg and Rod Stewart, and a number of other celebrities have bought homes in the enclave within the past two years: The Rock recently moved into his new Tuscan-inspired villa, Justin Bieber scored a $25 million compound and Sofia Vergara bought a sprawling manor once owned by Barry Bonds.
Now that most of his children are grown, Gores and his third wife Kelly Noonan-Gores are looking to downsize, perhaps to a new house they are building on Beverly Hills’ prestigious Tower Road. The couple still owns several other 90210 homes, plus an oceanfront Malibu mansion and a vacation estate in Michigan. Per Forbes, Gores’ net worth tops $2.7 billion.