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Lachlan Murdoch buys Beverly Hillbillies home for US$150m

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Lachlan Murdoch has just become at least the fourth person to pay more than US$100 million for a home in the US this year.

New York

LACHLAN Murdoch has just become at least the fourth person to pay more than US$100 million for a home in the US this year.

Mr Murdoch, the oldest son of media mogul Rupert Murdoch, paid a California record of about US$150 million for a Bel-Air estate that had been featured about a half century ago on The Beverly Hillbillies TV show, according to a person familiar with the sale.

It's still a deal of sorts: Mr Murdoch acquired the property at a 57 per cent discount from the 2017 asking price. Christened "Chartwell", the French-style home on more than 10 acres overlooks downtown Los Angeles and the Pacific Ocean. It includes a gallery for 40 cars, a 12,000-bottle wine cellar and manicured gardens, according to the listing.

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The seller was the estate of late Hollywood dealmaker Jerry Perenchio. In a career spanning more than 50 years, Perenchio built Univision into the largest Spanish-language broadcaster in the US. The deal also includes a property behind the main estate that was the former home of President Ronald Reagan and his wife, Nancy.

Lachlan Murdoch, 48, is the chief executive officer of Fox Corp and one of six siblings to share US$12 billion of proceeds from Walt Disney Co's US$71 billion acquisition of 21st Century Fox Inc assets earlier this year.

At least three real estate transactions have topped US$100 million this year in the US, including the record US$238 million Citadel founder Ken Griffin plunked down in January for a New York penthouse at 220 Central Park South.

Last week, fellow hedge fund billionaire Steven Schonfeld and his wife Brooke closed on a mega-mansion in Palm Beach, Florida, for US$111 million. And earlier this year, a Holmby Hills estate belonging to Formula One heiress Petra Ecclestone sold for about US$120 million, the most paid for a Los Angeles home at the time.

The exterior of Chartwell appeared on television screens in the 1960s and 1970s in the hit TV comedy The Beverly Hillbillies, the fictional story of Jed Clampett who made a fortune after striking oil and moved his clan to Beverly Hills. BLOOMBERG