Though the deal has been in the works since early 2021 or possibly even late 2020, and has already been widely reported, it’s only now that property records reveal Snapchat billionaire Evan Spiegel has finally closed the deal for his new Los Angeles home. The transfer was inked for $120 million, a purchase price backed up by a $50 million mortgage.
The reason for the unusually long escrow is that the property is currently undergoing a multi-year rebuild; presumably there were certain construction phases that had to be completed before Spiegel would take official ownership of the place. Last May, the Snap Inc. cofounder and CEO paid an additional $25 million for a smaller parcel of land immediately next door to the $120 million main property, so the total estate actually cost him $145 million.
That lofty number ranks among the highest prices ever paid for a California home, behind only other tech billionaire buys like Marc Andreessen’s $177 million Malibu splurge and Jeff Bezos’ $165 million Beverly Hills estate. It’s also just behind the $150 million media heir Lachlan Murdoch paid for the Bel Air compound known as Chartwell.
Totaling four contiguous acres directly across the street from the Playboy Mansion, in prime Holmby Hills, Spiegel’s new $145 million compound was sold to him by British billionaire Ian Livingstone, who acquired the two-parcel estate in two separate transactions in 2014 and 2017, paying $72 million. Livingstone subsequently combined both properties into one supersized estate and began a comprehensive rebuild of the entire place, with construction costs estimated at tens of millions, before flipping the property to Spiegel. Since the residence is still a construction war zone, there are few other photos or details to be had.
Frazzled by both sagging revenue growth internally and a shaky U.S. economy, Snapchat’s stock price has recently cratered to a low of less than $10, with Spiegel’s personal net worth tumbling down to “just” $2.6 billion. But back in early 2021, when this deal was consummated, Snapchat shares were trading at record highs, and Forbes pegged the 32-year-old’s wealth at more than $10 billion.
While they await the completion of their new Holmby Hills estate, Spiegel and wife Miranda Kerr are living in Brentwood, in a $12 million mansion once owned by Harrison Ford. The couple also maintains a $30 million villa in Paris, France, a vineyard estate in Kerr’s native Australia and a seaside vacation home in Malibu. Spiegel, who was raised in L.A.’s posh Pacific Palisades neighborhood, also continues to own the very first house he ever bought — a charming $3 million “cottage” on a narrow street in Brentwood.