The spec house acquired by Tom Gores in the megadeal is a 2-plus-acre estate built on the grounds of an estate once owned by Barbra Streisand.
Tom Gores, the chairman and CEO of Platinum Equity and owner of the Detroit Pistons franchise, has taken control of a newly built spec home in the Holmby Hills area of Los Angeles in a complex, $100 million deal in which multiple properties changed hands.
As part of the sale, Gores traded a number of his own L.A.-area holdings, both developed and undeveloped, for the estate on Carolwood Drive, sources who were not authorized to comment publicly told the Los Angeles Times. He will retain a profits interest in the traded properties, which include two undeveloped parcels in Bel-Air totaling 3.2 acres, to the extent that they are developed or sold.
The spec house Gores acquired is a 2-plus-acre estate built on the grounds of an estate once owned by Barbra Streisand. It was developed by Gala Asher, who purchased the property as a vacant lot two years ago for $13.2 million. It had been listed for sale since April at $150 million.
The sprawling contemporary-style home offers more than 30,000 square feet of interior space, with 10 bedrooms and 20 bathrooms spread across the main residence and several guesthouses. The master suite alone takes up 5,300 square feet — about twice the size of the average U.S. home.
Other features include a lounge, a wine room and a theater complex complete with a separate valet entrance for guests. A separate spa area boasts a hair salon and a manicure/pedicure area; steam and massage rooms also reside on that level.
Three swimming pools, two outdoor and one indoor, lie within the grounds. Lighted trees serve as markers for a private hiking trail.
Gores, whose net worth is about $3.3 billion, according to Forbes, founded the Beverly Hills-based private equity firm Platinum Equity in 1995. The 52-year-old purchased a majority stake in the Pistons in 2011 for $325 million. Last year, he bought out the remaining shares of the NBA team, giving him 100 percent equity in the franchise.