By E.B. Solomont
The deal
A Beverly Hills, Calif., home has sold for $51.75 million in the city's most expensive deal since 2020.
The sellers
Investor Stephen Paul, a steel-fortune heir whose family is a limited partner in the Pittsburgh Steelers football team, and his wife, Nancy Paul, listed the house for $62 million in October 2024. Stephen, a descendant of the family that founded the Ampco-Pittsburgh steel company, is a managing principal of Laurel Crown Partners, a Los Angeles-based private-equity firm.
The buyer
The identity of the buyer couldn't be determined.
Inside the house
Bedrooms: 5 | Square footage: 12,300
After buying the property for $8.55 million in 2006, the Pauls razed an older house on the site and tapped the late architect Howard Backen to design a new residence.
Backen, who died in 2024, is known for designing Napa Valley wineries and homes for high-profile clients including Jeffrey Katzenberg, who sold his Backen-designed house for $125 million in 2020.
What's it mean?
The sale is coming amid an uptick in the luxury market. In 2024's fourth quarter, the number of single-family home sales in Beverly Hills jumped 70.4% from the same period of the prior year, according to real-estate appraisal firm Miller Samuel. The median single-family home sale price rose 21.1% year over year during the same period.
Aaron Kirman and Emily Gaul of Christie's International Real Estate Southern California shared the listing with Linda May of Carolwood Estates. Carl Gambino and John Bercsi of Compass represented the buyer.
(END) Dow Jones Newswires
This article has been updated to reflect the fact that Christie's International Real Estate Southern California removed Emily Gaul from the MLS record after this article was originally published. (Updated April 16)
(END) Dow Jones Newswires
April 16, 2025 15:44 ET (19:44 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.