After 14 years of searching for a new owner, the former LA home of newspaper magnate William Randolph Hearst has finally found a buyer – but not before its price was slashed by a staggering $148 million (£108m). Steeped in history, this iconic piece of real estate has been home to many a famous face over the years. Click or scroll on take a look inside the Hearst estate and discover its fascinating story...

Built in 1926, the opulent mansion has a fascinating backstory. Designed by prolific architect Gordon Kaufmann for local banker Milton Getz, the home was later bought by publishing magnate William Randolph Hearst. In the 1950s, John F. Kennedy and Jackie Kennedy honeymooned at the estate after their wedding, and more recently it was used as a filming location for scenes in The Godfather, as well as in Beyoncé’s visual album, Black Is King. However, despite its fame, the property still languished on the market until recently. 

First hitting the market in 2007 according to reports, the mansion's price tag reached an all-time high in 2016 when it was listed for $195 million (£142m). Having failed to sell the home and said to be in more than $50 million (£37m) of debt over the property, the current owner, attorney Leonard Ross, lowered the price to just short of $90 million (£66m) in April 2021, before cutting it down once more to $70 million (£51m) in June. 

Offers poured in on the reduced price, and according to multiple reports, an offer has just been accepted for $47 million (£34m) from investment company Berggruen Holdings Ltd. However, between now and 14 September, this price could be topped if a bidder at auction puts in an offer of at least $1 million (£730k) higher for the historic home. The auction is set to take place at the Edward R. Roybal Federal Building and U.S. Courthouse in downtown Los Angeles. 

The proceeds of the sale will go towards paying off any debt left on the house, and the lucky buyer will get a whole host of amazing amenities. Spread over 29,000 square feet, the mansion boasts nine bedrooms and 15 bathrooms. A time capsule of old Hollywood glamour, key features include the home's two-storey panelled library, hand-painted ceilings and stunning arched windows that look out over the grounds. 

The legendary home also comes jam-packed with fun amenities including an Art Deco nightclub, two screening rooms and entertaining areas that can accommodate up to 1,000 people. The mirrored bar in the club was salvaged from Hugh Hefner's nightclub Touch, which closed in 1982. It really is the perfect party pad! 

Fortress Investment Group, the limited-liability company that owns the property, reportedly petitioned the bankruptcy court to sell the estate, and an administrator was recently appointed to offload the Hearst mansion. However, with the prized property struggling to sell, extortionate property taxes and maintenance could be blamed for the lack of buyers. Nevertheless, we're not surprised this heritage gem finally found a new owner.

Outside, the grounds are just as breathtaking as the rest of the home and are spread over three-and-a-half acres. They include two staff or guest apartments, a pool house, tennis court, and a two-storey five-bedroom gatehouse, as well as sun-soaked terraces, lawns and waterfalls. While the Hearst estate appears to have finally secured a buyer, there are still many surprising properties lingering on the market.

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