Michael Rapino, the CEO of entertainment and concert company, Live Nation Entertainment, has dropped around $15 million for two properties in Brentwood, Los Angeles.
Rapino purchased the two adjacent plots from financier John Rocchio who first listed the lots in November 2012. The sale was handled by Partners Trust, a major real estate firm and was privately taken care of by Hugh Evans, a founder of the firm. Though Evans refused to identify the seller, public records unearthed by the Wall Street Journal revealed the seller to be Rocchio.
Rocchio purchased both the lots in 2006. He paid around $8.7 million for the larger parcel and $2.4 million for the smaller one.
Together, the two properties claim a square footage of nearly two acres.
The larger home is around 11,000 square feete featuring five bedrooms and nine bathrooms. The home has a double story foyer along with formal living and dining rooms. A library/study, a bar, a game room and a screening room are some of its other facilities. The property features a gourmet open kitchen with a butler's pantry. A guest suite and a separate wine cellar are also available in the residence.
The smaller home is around 2400 square feet which is a three bedroom-three bathroom plot. The properties feature a sizeable garden with sitting areas, an outdoor fireplace and a swimming pool as well.
Live Nation Entertainment was formed with the merger of Live Nation and Ticketmaster. Rapino was crowned the CEO and president of the new Live Nation in 2010 and has been serving in the post since then.
Live nation organizes worldwide concerts to bring together music and fans. The company recently secured the Olympic Park in London and hopes to host a series of festivals and concerts in the stadium.
Live Nation is not only making headlines for its regular concerts. A financial services company, which is controlled by Live Nation, was sued by famous boxer, Mike Tyson for embezzlement claiming that one of its advisers had cheated him of more than $300,000. Tyson's lawsuit is seeking more than $5 million in penalty.
