Peter Thiel buys troubled Bel-Air mega-mansion for $130 million

This is read by an automated voice.Please report any issues or inconsistencies here.

See more from the L.A.Times in Google Search.

Set us as preferred Casa Encantada — a 40,000-square-foot Bel-Air mega-mansion considered one of L.A.’s most iconic estates — has a new owner: Peter Thiel.The billionaire venture capitalist and PayPal co-founder quietly bought the property through a limited liability company at a foreclosure auction in Pomona in July, according to the Wall Street Journal, which first reported the sale.At $130 million, it’s one of the priciest home sales ever in Los Angeles — but perhaps a bargain, depending on how you look at it.The former owner, late businessman Gary Winnick, wanted $225 million for the property in 2019 and $250 million in 2023.Winnick never found a buyer and died in 2023, leaving a trail of debt in his wake.

Records show the Bel-Air estate was used as collateral to pay off a loan from the CIM Group, and Winnick’s family relisted the home for $170 million in April before it was auctioned off to the highest bidder three months later.The house itself serves as a time capsule of Old Hollywood glitz and glamour, with sprawling gardens and terraced lawns perched on 8.4 acres overlooking the Bel-Air Country Club.It was built in 1938 by James Dolena, a Russian-born architect who erected a handful of trophy properties across Los Angeles.Ionic columns mark the entry, leading to a foyer with sweeping staircases under 14-foot ceilings.

In addition to seven bedrooms and 20 bathrooms, the stately interiors include multiple dining rooms, lounges and a walnut-paneled library.Outside, fountains and gardens surround a tennis court and 60-foot tiled pool.Hotel magnate Conrad Hilton bought the property in 1950.

After his death, it sold to financier David Murdock in 1980 for $12.4 million, setting a national price record at the time.It claimed a second price record in 2000 when it sold to Winnick for $94 million.Winnick poured ten...