In what looks like one of the worst mate's rates deals, Rupert Murdoch has sold his Beverly Hills mansion to his youngest son James for US$30 million ($38.5 million).
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The 11-bedroom, nine-bathroom home had been quietly listed last year with a reported US$35 million asking price.
According to the Los Angeles Times, the property drew multiple offers and the interest of actor Leonardo DiCaprio before it was withdrawn from the market by Murdoch.
Settlement records reveal the transfer was made in the name of a New York-based company.
The two-storey residence was built in 1926 and designed by architect Wallace Neff in his distinctly "California" style. Commissioned by early film director and silent film actor Fred Niblo and his wife, Australian actor Enid Bennett, it was later owned by MCA founder Jules Stein.
Murdoch was the property's third owner.
Missed out: Actor Leonardo DiCaprio had reportedly shown interest in the property.
The glamorous Angelo Drive mansion wraps around a circular driveway and sits on 1.3 hectares with a landscaped gardens and a swimming pool.
The sale by the chief executive of News Corp to his chief operating officer of 21th Century Fox follows Rupert Murdoch's purchase in 2013 of the trophy estate Moraga Vineyards in Bel Air for US$28.8 million.
The billionaire octogenarian announced that purchase at the time on his Twitter feed: "About to celebrate buying beautiful small vineyard right in LA. Great Wine, Moraga, owned by great Angelino, Tom Jones, Time cover, 1961!"
Mr Murdoch's eldest son and co-chairman of News Corp and 21st Century Fox, Lachlan Murdoch, and his wife, model Sarah, live in Sydney, where they bought the former French Embassy Le Manoir in Bellevue Hill for $23 million in 2009.
Late last year Lachlan and Sarah Murdoch sold their former Bronte home for $10 million.
This article first appeared in www,domain.com.au.
