James McClain Fresh off selling his legendary Beverly Hills estate to Jeff Bezos for a California record $165 million, multibillionaire mogul David Geffen has opted to downsize his living circumstances, in a manner of speaking, by purchasing a nearby compound that also boasts Old Hollywood ties.The Los Angeles Times first reported rumors of the impending transaction, and now sources say the deal is essentially done.
The discounted sale price, believed to be approximately $62 million, is significantly under the last $82.5 million ask and barely half of the optimistic $125 million pricetag the property initially sported, way back in fall 2018.
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