Detroit Piston owner Tom Gores has relisted his half-finished Bel-Air property for $52 million, a report from Los Angeles Times said on Thursday.
"Set above the Bel-Air Country Club, two private driveways lead up to the graded 3.2 acre site, which includes a flat lot of approximately 2.8 acres. Retaining walls, an underground structure and a 15-car garage are currently within the grounds," the report said, citing the property listing notes.
According to the report, the Bel-Air real estate property was once owned by the Herber Kalmus family. Kalmus is said to be the co-founder and at the same time the president of Technicolor Motion Picture Co. The family also owned a "1920s Mediterranean-style mansion that has since been razed."
Aside from the Kalmus family, another reported owner of the property is the late film producer Verna Harrah. Harrah is said to be the wife of William F. Harrah, a casino magnate.
"Gores apparently bought about half the property in late 2008 for $18 million and the rest in early 2009 for $38 million, for a total of $56 million. Maybe Gores is desperate enough to take a bath in Bel Air because he realized he has too many houses. Just in Los Angeles, he has an 18,000-square-footer in gated Beverly Park, which he bought for $21 million in 2010, and an oceanfront house in Malibu," Curbed said.
According to Celebrity Net Worth, Gores, an American businessman, has a net worth of $2.9 billion. "He is best known as the founder, Chairman and CEO of Platinum Equity, a global private equity firm founded in 1995 with headquarters in Beverly Hills, California. On June 1, 2011, Tom Gores and Platinum Equity became the owners of the National Basketball Association's Detroit Pistons."
"Samira Gores and Christine Martin of The Agency are the listing agents. The 51-year-old purchased a majority stake in the Pistons in 2011 for $325 million. In September, he bought out the remaining shares of the team, giving him 100 percent equity in the franchise," Los Angeles Times said.