Billionaire investor and friend to President Donald Trump, Thomas Barrack Jr., has sold his Santa Monica, California, mansion for $24.25 million, city records with PropertyShark show. The off-market deal was struck in July.
Mr. Barrack, paid a little more than $21 million for the home in 2014, according to PropertyShark. He used an LLC linked to his company, Colony Capital.
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The sale is significantly less than the home was asking in 2016, when it had a stint on the market for $46.5 million. Designed by architect and "King of the Megamansion," Richard Landry—best known for designing sprawling private residences for moguls and celebrities in Los Angeles—the 23,515-square-foot mansion sits on 1.35 acres with almost 200 feet of frontage along the Riviera Country Club, per the previous listing.
It has seven bedrooms, 13 bathrooms, 12-foot-high ceilings, catering facilities, an elevator, a security room, a wine cellar, a library, a professional home theater and an indoor sports court. While outside, there is a swimming pool, a fire pit and a citrus grove.
There is also a 5,000-square-foot subterranean garage.
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Mr. Barrack founded Colony Capital Inc. (now Colony NorthStar Inc.) in 1990. He is the current owner of Neverland Ranch, the infamous estate of the late pop iconMichael Jackson, after buying it in 2008 for a reported $22.5 million. A close friend of President Trump, Mr. Barrack Jr. declined a formal role in the White House, according to reports.
Mr. Barrack did not immediately respond to requests for comment through his company.
The Los Angeles Times first reported the sale.