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A 6,230-square-foot home in Beverly Hills owned by the British fashion entrepreneurs Tom and Ruth Chapman has sold for $35.25 million, The Wall Street Journal reported.
The property, which is located in the exclusive community of Trousdale Estates, was put on the market for $42 million in June. At a sales price of about $5,600 per square foot, the home has become one of the priciest to ever sell in the neighborhood, local agents told The Journal.
The five-bedroom, six-bathroom home features high ceilings and an abundance of natural light. The primary suite includes a poolside veranda, and a pool house can also function as a guest house. The property also includes a motor court and a three-car garage. Situated on about half an acre, the property also boasts views from downtown L.A. to the ocean.
The Chapmans purchased the property for $24 million in 2017, according to records. Over the course of its lifetime the 1960s-era home has undergone several renovations, but most recently came to market fresh off of a four-year remodel, according to the listing description. Listing agent Carl Gambino of Compass told The Journal that the renovation included replacing the kitchen and adding a media room and an office.
Dena Luciano of Douglas Elliman co-listed the home with Gambino, and Tomer Fridman of Compass represented the buyer, who was not immediately identified.
Trousdale Estates has attracted celebrities and billionaires for years. Just in February of 2022, “Saturday Night Live” alum David Spade sold his home in the neighborhood for $19.5 million. Jennifer Aniston, Courteney Cox and co-founder of Uber Technologies Garrett Camp have also called the neighborhood home.
Though the Chapmans’ home sale does not break any records, it’s still the priciest to close yet in the area this year amidst less-favorable economic factors like high interest rates and inflation, which have hampered sales. Luxury single-family home sales in L.A. declined 25.9 percent year over year during the second quarter of 2022, and they dropped by 38.9 percent year over year during the third quarter, according to reports from Douglas Elliman and Miller Samuel.
Over the years, the Chapmans grew their fashion boutique, which originally opened in Wimbledon in 1987, into a successful online luxury retailer, Matchesfashion.com. The company stocks hundreds of brands and ships to nearly 200 countries, but today also maintains multiple physical storefronts in London.
In 2017, the couple sold their majority stake in the business for £400 million (the equivalent of about $460 million USD today) to private equity investors.