Gary Friedman, chief executive of furnishings company Restoration Hardware, may be in the market for some new home-goods himself, having recently purchased a Beverly Hills estate for $37 million, according to people familiar with the deal.
The five-bedroom house first listed for $46.75 million last May. The price was later slashed to $39.95 million, according to Zillow.
Known as the Promontory, the newly built, roughly 11,000-square-foot property was designed to blend Hollywood Regency and classic Palm Beach styles, according to the listing. It has vintage light fixtures, a midcentury inspired bar as well as a screening room, a gym, an infinity pool and a four-car garage.
The seller was a limited-liability company tied to Kent Kresa, former chairman of aerospace giant Northrop Grumman, records show. He could not be reached for comment.
Mr. Friedman, 62, was previously president and chief operating officer at Williams-Sonoma, according to Restoration Hardware’s website. He got his start stocking shelves at Gap in the 1970s, The Wall Street Journal has reported. Mr. Friedman couldn’t be reached, and a spokesman for Restoration Hardware didn’t immediately provide any comment on the sale.
The sale is the latest in a string of major deals in the Los Angeles area, with three homes selling for $100 million or more last year.
Jade Mills of Coldwell Banker Global Luxury shared the listing with Drew Fenton of Hilton & Hyland. Kurt Rappaport of Westside Estate Agency represented Mr. Friedman.
Write to Katherine Clarke at katherine.clarke@wsj.com
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January 11, 2020 at 03:21AM
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Restoration Hardware CEO Nails Down $37 Million Buy in Beverly Hills - Wall Street Journal
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