As Snap, Inc.’s stock price has skyrocketed over the past year, nearly all of the social media company’s top executives have spent lavishly on big new homes. The chief business officer bought a house, the chief strategy officer bought a house, and a cofounder added another house to his collection. Even the firm’s top lawyer got in on the real estate action.
Now the longtime CEO is having his turn. Last year, Evan Spiegel forked over $30.4 million for a baroque estate in Paris, France, where the 31-year-old and his wife Miranda Kerr live part-time. The couple’s main residence remains Los Angeles; the pair have bunked up in a celeb-pedigreed Brentwood estate for the past five years, but it seems that place can no longer accommodate the growing family’s needs. And so Spiegel is spending north of $100 million to buy a titanic — and currently unfinished — compound in Holmby Hills, one of the most prestigious neighborhoods in Los Angeles. With a net worth of $14 billion, he can afford it.
The complicated transaction involves two side-by-side properties across the street from the Playboy Mansion, both of them sold by English billionaire Ian Livingstone. Totaling about four acres of mostly flat land, the estate is comprised of a 1.4-acre parcel that’s completely vacant — Spiegel paid exactly $25 million for that lot back in May, records reveal. There’s also a larger 2.6-acre parcel that contains a mansion, albeit a mansion that’s currently gutted and under major construction. The amount Spiegel paid for that parcel hasn’t yet appeared in real estate documents, but corporation records show he created a shell company to purchase the place way back in February, so the entire deal — believed to top $100 million — has been in the works for the better part of a year.
Livingstone purchased the two properties in two separate transactions — one in 2014, one in 2017 — for a total outlay of $72 million. He subsequently spent another small fortune on plans and permits before ripping the entire place apart, and it’s been one giant construction zone ever since. Aerial views show the estate is nowhere near being completed.