A Beverly Hills, Calif., estate once owned by William Randolph Hearst and listed for $195 million is poised to sell for a fraction of that amount following a lengthy bankruptcy proceeding
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The accepted offer is $47 million, according to California bankruptcy court documents. The offer is subject to an overbid, with an auction set for Sept. 14. The property’s longtime owner, attorney Leonard Ross, had been trying to sell the property on and off since 2007. Mr. Ross bought the property more than 40 years ago for less than $2 million and listed it for $195 million in 2016,In 2019, he placed the limited-liability company that owns the property into chapter 11 bankruptcy to avoid a foreclosure auction, the Journal said.
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