Oaktree Capital co-founder Howard Marks and his wife Nancy have added to their already astonishing array of luxury homes with the $26.2 million purchase of an Old Hollywood-style mansion in L.A.’s Holmby Hills neighborhood, this one an elegant 1930s traditional set behind gates and exceedingly tall hedges. The 74-year-old Manhattan native, who is frequently considered one of the globe’s most admired investors, now flaunts an address on one of the city’s most prestigious streets, with neighbors who include Diddy, Jimmy Iovine, and Sir Ridley Scott.
Marks acquired the property from Kristin Tutor, daughter of construction magnate Ron Tutor and the younger sister of “Million Dollar Listing” cast member Tracy Tutor, who held the listing through her Douglas Elliman brokerage. For her part, Kristin bought the house for a relatively paltry $13.2 million in fall 2009, near the height of the last economic recession, effectively doubling her money on the place minus 11 years of assorted carrying costs. It’s also been reported that the house was once occupied by Art Linkletter and legendary film composer Henry Mancini (“The Pink Panther,” “Breakfast at Tiffany’s) — at different times, naturally — although whether they actually owned or just rented the estate remains murky, lost to the sands of time.
In any case, the nine-bedroom, nine-bath home has nearly 11,500 square feet of sumptuous living space. The glammy interiors belie the mansion’s prim and proper exterior; directly to the left of the foyer is a parlor with a marble fireplace inset into a fully mirrored wall, plus a riotous array of chandeliers, teal chairs, sculptures, and Andy Warhol’s Four Marilyns.
Directly off the parlor is a stunning office with floor-to-ceiling black lacquer cabinetry and an “ivory crocodile ceiling,” per the listing; other spaces include formal living and dining rooms, a sunken media room serviced by a onyx-topped wet bar, a gourmet kitchen with no fewer than three glass-fronted refrigerators, plus breakfast and family rooms, the latter with multiple sets of French doors opening to the gardens.
Upstairs are five bedrooms including a master suite with an unexpectedly enormous balcony overlooking the entire backyard. Out yonder, the .75-acre lot has a vast swath of grassy lawn and a lap-lane swimming pool with separate spa, and a detached guesthouse with two guest bedrooms and separate staff quarters. A brick motorcourt can accommodate a dozen vehicles, and there’s a front-facing three-car garage — not original to the property — that’s conveniently attached to the main house.
Tutor has already “downsized” to a $6.8 million home in nearby Westwood, this one a 7,500-square-foot, all-new mansion. As for the Markses, the couple have a long and well-documented relationship with ultra-high-end real estate in several major cities. In L.A., they currently own a two-house Beverly Hills compound that was acquired in 2017 for $33.4 million. Once upon a time, they owned a $33.5 million Brentwood estate that is now owned by Guggenheim’s Andy Rosenfield, and in early 2013 they famously sold their Malibu estate to entrepreneur Jim Jannard for $74.5 million, at that time the most ever paid for a home in the city.
On the East Coast, the couple own a $52.5 million duplex at 740 Park Avenue, one of Manhattan’s most fabled co-op buildings. And they have more than $60 million worth of real estate in the Hamptons, including a compound they custom-built to their specifications. Overseas, there’s also a mansion-sized London flat and a vacation retreat on the island of Mallorca, off the eastern coast of Spain in the Mediterranean Sea, both of which were renovated by Michael S. Smith, Obama’s White House decorator.