Charles Zegar, founding partner of Bloomberg L.P. and a billionaire philanthropist, has paid $3.425 million for a remodeled Los Angeles home.
The four-bedroom, four-bathroom home in Los Angeles went into contract in late May, listing records show. Michelle Saniei, an agent with Hilton & Hyland who represented the buyer in the transaction confirmed that Mr. Zegar is behind the purchase.
"I showed Mr. Zegar, his wife, and son properties and he bought the house for his son," Ms. Saniei said.
The sale, which has yet to appear in property records, was first reported by the Los Angeles Times on Wednesday.
The property was first listed for $4.375 million in February and dropped to $3.995 million in April, according to the listing. The $3.425 million sales price represents a 22% discount from the original ask.
Mr. Zegar, 68, worked with Michael Bloomberg, Thomas Secunda and Duncan MacMillan at Salomon Brothers. The four left the investment bank after it was acquired by Phibro in 1981 and founded their own financial data company, Innovative Market Systems, which was later renamed Bloomberg L.P.
Mr. Zegar, who has a master’s degree in computer science from New York University, was responsible for software programs.
He has a net worth of $1.98 billion by Forbes’ estimate and supports arts, education, health and other philanthropic work through his family foundation.
The two-story glass home he bought for his son’s use was renovated in 2013 by architect Aaron Neubert. It includes 4,236 square feet of living space. The lower level has four bedrooms opening to a courtyard lined with Japanese maple trees.
The upper level is dedicated to entertaining space, with an open floor plan of living and dining rooms, as well as a state-of-the-art kitchen and a media room. The wraparound decks boasts views of the Los Angeles basin and the city skylines.
The property has permits to build a pool pavilion, according to the listing with Brian Ades of Sotheby’s International Realty. Mr. Ades declined to comment on the sale.
Mr. Zegar didn’t respond immediately to a request for comment sent to his foundation.
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