L.A. Reid, chairman and CEO of Epic Records, has bought a modern house in Bel-Air for almost $10 million less than its original asking price.
Reid paid $17.99 million for the seven-bedroom, 10-bathroom home located on Bel Air Road, according to the Los Angeles Times.
MORE:Playboy Mansion Buyer Denies Sale Has Fallen Through
Michelle Saniei, one of the listing agents with Hilton & Hyland, cited a privacy agreement for not disclosing the identity of the buyer, but did confirm the purchasing price to Mansion Global.
The amount represents a steep discount from last August, when the property was listed at $27.5 million by The Agency. Under Hilton & Hyland, the price was last reduced to $19.99 million. According to its listing, the house, which was originally built in 2015, sold at the end of last month.
With an expansive outdoor entertainment area surrounded by canyon and ocean views, the house allows for lavish and private parties worthy of Epic’s artist roster, which includes Mariah Carey, Jennifer Lopez, Avril Lavigne, Outkast and Puff Daddy.
The home’s 2,820-square-feet outdoor space is fitted with a kitchen and bar, an infinity-edge swimming pool and a spa. The three-story residence also features a wine cellar with room for 300 bottles and a state-of-the-art home theater with an en-suite bar. Automated retractable glass walls blur the division between the outdoor and the indoor living spaces.
—Photo gallery by Gina Faridniya