The Chartwell Estate: A $150 Million Landmark In Los Angeles History

Back in August 2017, a mansion called "The Chartwell Estate" hit the market for a cool $350 million. Located in Bel-Air, you might recognize Chartwell because exterior shots were used as the Clampett residence in the original Beverly Hillbillies TV show opening credits from 1962 to 1971. Perhaps not surprisingly, the house did not find a buyer for $350 million. The price was reduced to $245 million a year later. It was then reduced to $195 million.

Fast forward yet another year to present day, and the ridiculous palace/estate has finally found a buyer for the low-low-price of $150 million. That sets a new record for the Los Angeles area, breaking the record set earlier this year when Petra Ecclestone sold Spelling Manor for $120 million. It's also the most-expensive home ever sold in California. It's the second most-expensive home sale in US history. For your curiosity, here is a current list of the Most Expensive Homes Ever Sold in the US.

The buyer? Lachlan Murdoch. Lachlan is the son of News Corp founder Rupert Murdoch. You might know News Corp is most famous for being the former owner of 21st Century Fox. In July 2018, News Corp sold 21st Century Fox to Disney for $71.3 billion. Outside of 21st Century, News Corp still owns The Wall Street Journal, Realtor.com, Fox News, and book publisher Harper Collins.

Biography of Lachlan Murdoch

Chartwell Estate's Historical Significance

Chartwell was previously owned by A. Jerrold Perenchio, the late founder of Univision, who bought the property in 1986. The house was put on the market upon his death in May 2017. At the time of his death, Jerry was worth $2.7 billion. The property covers 10 acres in Bel-Air. The massive main residence is 25,000 square feet, with 18 bedrooms and 24 bathrooms. There is also a guest house that’s probably larger than most American mansions, a 75-foot pool, tennis court, and a car gallery that can display 40 vehicles.

The primary residence features a ballroom, a formal salon, and an enormous temperature-controlled wine cellar. Chartwell was built in 1933 – originally for a property developer and his wife. Unfortunately, his wife hated the final product. She thought it was way too opulent, especially at a time when most Americans were struggling through the Great Depression. Amazingly, the house sat empty until the 1940s when it was bought by hotel tycoon Arnold Kirkeby. The property was used in the opening credits of the TV show "The Beverly Hillbillies," which ran from 1962 to 1971.

The Kirkeby family occupied Chartwell until 1986 when it was bought by TV producer turned billionaire Univision founder, Jerry Perenchio. Technically, Chartwell consists of 5 properties which have been combined over the years to make one massive estate. For example, after Nancy Reagan died in 2016, Jerry acquired her mansion for $15 million and incorporated it into Chartwell. Jerry razed the Reagan house to the ground to expand his gardens.

Financial Implications of the Purchase

Lachlan Murdoch will soon be on the hook for a $1.5 million annual property tax bill. That means he will have to earn around $3 million every year pre-tax just to satisfy the tax man. The financial responsibilities that come with owning such a luxurious estate are significant and should be considered carefully by any potential buyer.

In summary, the purchase of The Chartwell Estate by Lachlan Murdoch not only marks a new chapter for this historic property but also sets a benchmark for luxury real estate in California. As the most expensive home ever sold in California and the second most expensive home sale in US history, it’s a testament to the evolving landscape of high-end real estate.