Real estate

L.A. mansion sells for $102 million – in cash

April 2, 2014 at 5:15 PM ET

Seven years after hoisting one of the most ostentatiously scaled mansions onto the Los Angeles real estate market for what had been an unwavering list price of $125 million, the owner of the Fleur de Lys estate has accepted a cash offer of $102 million.

but Milken’s people deny he is the buyer.
Zillow
This 50,000-square-foot mansion in Los Angeles, completed in 2002, sold for $102 million in cash.

According to the Los Angeles Times, which broke the story of the mysterious cash deal, socialite Suzanne Saperstein finally conceded that her asking price was too lofty, even for a 50,000-square-foot mansion set on nearly 5-palace-like acres in one of the most exclusive enclaves in southern California.

Is the buyer Michael Milken, the former junk-bond king whose non-partisan think tank, the Milken Institute, is where the Fleur de Lys tax bills are going to be sent? That was the speculation after the property’s deed was transferred, thus ending Saperstein’s long effort to sell, but Milken’s people deny he is the buyer. 

Fleur de Lys, located at 350 Carolwood Dr., Los Angeles, CA 90077, was completed in 2002, but Saperstein soon divorced her Metro Networks husband, David Saperstein, prompting her in 2007 to first list the over-the-top property, which sits in between the Holmby Hills, Bel-Air and Beverly Hills area called the Platinum Triangle.

The home was styled after the Vaux-le-Vicomte palace on the outskirts of Paris, and it took its place among the most outrageous custom-built properties in America, right up there with the famed 90,000-square-foot Versailles mansion that was the star of the documentary “The Queen of Versailles.”

Fleur de Lys may have taken years to sell, but it certainly got its fair share of publicity and interest over the years. At one point in 2009, singer Mariah Carey and her husband, Nick Cannon, were said to be trying to work out a purchase. The estate has also been used for film shoots for TV commercials, shows and movies, including “The Green Hornet.”

The home is set back off the road by a long driveway behind iron gates and reverberates with Old World grandeur. There are 12 bedrooms, 15 bathrooms, gold-embossed leather wall coverings, gold-leaf crown moldings, a ballroom, two kitchens and a 50-seat screening room. No amenity was left off the punch list. There’s also a pool house with kitchen, massage room, gym, three-bed manager’s house, staff quarters and a nine-car garage.

According to the Los Angeles Times, it is the highest-priced home sale in Los Angeles County. If the buyer is Milken, he beat out three other billionaires who engaged in a bidding war once the $125 million price threshold was tossed aside in favor of anything “reasonable” to get the estate sold.

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