June 19, 2021

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California’s Owlwood mansion sells for $88 million.

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One of Southern California’s most historic mansions has sold for $88 million — an almost $90 million price drop from its former listing price of $180 million, the Los Angeles Times reported.

According to public records acquired by Variety, the grant deeds name a Chicago-area LLC called Calch Urban Investments as the buyer, which purchased the compound in a closed, off-market deal.

The mansion is decked out in rich history when it comes to former owners.

“A series of high-profile players owned the home in the following decades including 20th Century-Fox Chairman Joseph Schenck, oil tycoon William Keck and Hotel Bel-Air founder Joseph Drown,” the Los Angeles Times reported. “Actor Tony Curtis lived there in the ‘60s, and he sold it to pop duo Sonny and Cher in the ‘70s.”

Robert Shapiro, the real estate developer sentenced to 25 years in prison on accusations of running a $1.3 billion Ponzi scheme, bought the compound in 2009, and attempted to make a profit off of it in 2017 when he listed it for $180 million.

The mansion, which was purchased through his firm, Woodbridge Group of Companies, was then listed for $115 million after the firm filed for bankruptcy.

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TJ Macías is a Real-Time national sports reporter for McClatchy based out of the Dallas/Fort Worth Metroplex. Formerly, TJ covered the Dallas Mavericks and Texas Rangers beat for numerous media outlets including 24/7 Sports and Mavs Maven (Sports Illustrated).

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