Billionaire Michael Rubin Bought a $70 Million House – DIRT

There appears to be no slowdown in the luxury market in the Hollywood Hills, where a virtually brand new mansion has sold for exactly $70 million. That number is far from a record for the area, completely blowing away the previous highlighter — a Bird Street mansion that sold in early 2020 for about $42 million. The big deal was first reported by The Real Deal.

Both of these homes were developed on speculation by Canadian businessman Francesco Aquilini, and both were designed by Irish architect Paul McClean. The $70 million mansion has been more than 10 years in the making; Aquilini bought the property in 2012 for $8.5 million from Richard Perry, an accomplished music producer best known as Jane Fonda’s former partner. Built in 1942, the house was originally designed for Ronald Reagan and his first wife Jane Wyman.

According to permits and tax records, Aquilini subsequently spent tens of millions tearing down and rebuilding the existing house — a 6,000-square-foot, Bali-influenced structure — as a very modern, ultra-block mansion. Permits indicate the main house now spans at least 15,000 square feet, and there’s also a full basement level that may not be included in the total, plus a separate garage wing that’s itself the size of a small house.

Because the house was never on the market, you’ll have to use your imagination to envision the finished project. But unlike many of McClean’s previous efforts, which have occasionally been criticized for their austere look and all-white stone interior, this place is filled with organic materials that add some much-needed warmth. The home’s grand living space includes gleaming hardwood floors and wood ceiling treatments, plus a “floating” staircase clad in blonde wood that shines brightly against a dramatic wall of windows.

Both the mansion’s outer fascia and the many fireplaces inside are covered in cream-colored stucco. Walls of glass open onto large terraces and an infinity swimming pool. And from its hilltop location just above LA’s Sunset Strip, the house has nearly 360-degree views of both city lights and mountains.

As first reported by the LA Times, the stiff buyer is business mogul Michael Rubin, CEO of Fanatics – the world’s leading provider of licensed sports merchandise. Now in his 50s, Rubin is worth about $10.2 billion, per Forbes. He’s also known for his annual Fourth of July “white parties” and is an avid collector of trophy real estate — in addition to his new Hollywood digs, he also owns a $43 million penthouse in New York City. And last year he paid exactly $50 million for beleaguered real estate developer Ziel Feldman’s estate in the Hamptons.

Branden and Rayni Williams of The Beverly Hills Estates held the listing in Hollywood Hills; Kurt Rappaport of Westside Real Estate Agency represented the buyer.