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Casa Encantanda Bel Air 2024

Casa Encantanda Bel Air 2024

Bringing to you this iconic home in Bel Air, Los Angeles, California. Home to late Gary Winnick, legendary financier and former owner of Winnick & Co. A single family office managing his proprietary venture investments is up for sale for a whopping $195m, down from $250m!

An 8.4 acre, 7 bed, 20 bath home that requires a golf cart to go around the whole property. Yes I know. Magnificent indeed. Ever wondered what the annual run rate could be for a home like this? A LOT! Well, if you have the means, which Gary Winnick did have. According to public filings on Zillow, he purchased the home from the Hilton family, using also late Jeffrey Hyland of Hilton and Hyland for $97m in cash. His wife Lori Hyland now runs the family business and is doing a stellar job in spearheading the company as part of Jeff’s legacy.

Gary Winnick made his fortune by building Global Crossing, a telecommunications company that went public and realized his shares during his tenure. Following Global Crossing, he established his own single family office in Beverly Hills, which acted as a hybrid Private Equity/Venture Capital firm. Having dabbled in commercial real estate deals, such as the previous building home to now Platinum Equity among other successful ventures.

One of the most interesting aspects for purchasing such high valued real estate assets are from the wealth generated. When wealth is generated, generally UHNWi also known as Ultra high net worth individuals will deploy capital into real estate assets, such as Gary Winnick investing into this prized asset he called home for 20 years. UHNWi will generally purchase such real estate assets, then utilize the remainder of their cash into income-generating assets and investments that may provide hockey returns.

What is the annual run rate for such a home? Who knows. Annual real estate taxes must be north $1m and upkeep another $1m. It will always be a mystery, well until the next owner decides to indulge those figures.

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