Peter Thiel bought $250m-listed LA mansion at foreclosure for $130 million
Billionaire investor Peter Thiel purchased the historic Casa Encantada mansion in Bel-Air for $130 million at a foreclosure auction. The property, previously listed for as much as $250 million, is considered one of the most expensive home sales in Los Angeles history.
Why it matters
The sale highlights the volatility of the ultra-luxury real estate market and the significant price corrections that can occur during high-profile foreclosure proceedings.
Casa Encantada, a 40,000-square-foot Bel-Air mega mansion, known as Los Angeles' most iconic estate, has found a new owner in billionaire investor Peter Thiel. According to a report by LA Times, the venture capitalist and PayPal co-founder quietly bought the property through a limited liability company at a foreclosure auction in Pomona in July this year.The 58-year-old has become the new owner of the Old Hollywood-style mansion by shelling out $130 million, making it one of the priciest home sales ever in LA.However, even this price is a bow down from the initial rates the abode was listed at. The former owner of the 1938 mansion, late businessman Gary Winnick, asked $225 million for the property in 2019 and $250 million in 2023. But he never found a buyer and died in 2023, leaving a trail of debt in his wake.
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