It took almost two years at steadily declining asking prices, but veteran entertainment industry executive and producer Mike Medavoy finally managed to get rid of his secluded, East Coast-inspired estate on a gated, celeb-lined private road in the Beverly Hills post office area for a wee bit below $9.95 million. The sale price is substantially less than the original and, in hindsight, pie-in-the-sky asking price of nearly $15 million. But it’s still a healthy $1.7-plus million more than the $8.2 million the Phoenix Pictures chairman and CEO paid for the approximately 1.85-acre spread in June of 2013.
The more than 8,800-square-foot house, described in marketing materials as a Hamptons Traditional, has numerous living and entertaining spaces that include a foyer with an elegant black-and-white checkerboard marble floor along with large formal living and dining rooms, both with fireplaces. French doors lead to a private backyard that incorporates stone terraces, a built-in barbecue, a swimming pool, and a stretch of lawn that gives way to open views over the mansion-dotted surrounding mountains and canyons. In addition to four guest/family bedrooms on the upper floor, there’s a spacious master retreat with a fireplace, French doors to a private balcony, two walk-in closets, and a big bathroom. There’s also a staff bedroom on the main floor and, across the gated and tree-shaded circular drive at the front of the main house, a detached three-car garage with a guesthouse/office above it.
Other famous folk who own homes along the same curvy stretch of road include Channing Tatum, Demi Moore, Jon Voight, and “The Real Housewives of Beverly Hills” cast member Lisa Vanderpump.
Medavoy is a property-gossip-column staple who has bought and sold numerous multi-million-dollar homes in some of L.A.’s plummiest locales, including an estate in the illustrious Beverly Park enclave in Beverly Hills and, briefly, a 9,000-square-foot mansion in the guard-gated Mulholland Estates. He bought that latter property in the fall of 2010 for $6 million and sold it six months later for a whisper less than $7 million to Charlie Sheen.
listing photos: Coldwell Banker
