Armand Marciano, co-founder of popular fashion apparel brand, Guess, has slashed the price of his Beverly Crest home by $8.5 million and now listed it for an asking price of $54.5 million. The home was first listed in 2011 for $63 million.
The Mediterranean mansion of the jeans juggernaut is located at 9904 Kip Dr, overlooking the Benedict Canyon. Spread across an area of 30,000 square feet on a 20 acre lot, the home has 10 bedrooms and 22 bathrooms. The residence also has a massive car garage that could easily accommodate 27 cars!
The listing is held by Coldwell Bankers. According to Zillow, the home also has a modern gym, a gourmet kitchen, a wine cellar, a game room and a screening room and also a library. Outside, the property offers a resort-style mosaic-tiled swimming pool, a lighted tennis court and vast stretches of lush green lawns.
Interior information and photos are not available as yet. Curbed suggests that the absence of listing photos along with the high price might have deterred prospective buyers from purchasing the home. However, hope returns with the massive price cut.
Maybe Armand Marciano is just trying to help out his brother, Georges Marciano, also a co-founder of 'Guess?' with his bankruptcy. In January 2013, Georges' Beverly Hills mansion was purchased by TV and film producer, Jerry Bruckheimer, for around $23 million.
Georges lived a lavish life. Not only did he have his hands full with fashion, but he also invested in commercial real estate, purchasing the Bank of America tower. In 2005, he sold the building for $135 million. He also started a new venture, The LHotel, in Montreal that didn't do very well. He owned around 10 Ferrari models.
Currently, Georges is still weighed down with an outstanding debt of $500 million. The Beverly Hills home sale proceeds were forwarded towards covering his debts. As for 'Guess', Paul Marciano, another co-founder and Marciano sibling, has recently found his latest face of the company. Ashley Diana Morris, a five-foot-nine-inch, Vancouver-based model, is the new "Guess Girl". Morris has been signed aboard for all the lingerie campaigns of Guess.
