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Simon mansion in Bel Air on market for $50M

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Bren Simon's mansion in the ultra-ritzy Bel Air neighborhood of Los Angeles is up for sale for $50 million.

The 20,000-square-foot estate went on the market in late February, about six months after the death of her husband, Melvin, the billionaire co-founder of Indianapolis-based Simon Property Group Inc.  

It's not clear whether the planned sale could become an issue in the legal battle over Melvin's estate launched in January by his daughter Deborah. If ownership was in Bren's name at the time of Melvin's death, or ownership was set up to revert to her at his death, the asset would be outside the estate. Attorneys for the parties declined to comment or did not respond to a request for comment.

It’s not clear how much of a profit Bren would pocket if the house fetches near the asking price. The couple bought it for $27.5 million four years ago, according to listing details. Since then, however, Bren, an interior designer, spent millions on upgrades.

The sale is creating a stir among residential real estate aficionados. Miami-based Haute Living magazine wrote that the opulent estate in Bel Air’s most prestigious area “oozes old-school glamour and eternal sophistication.”

Built in 2003, the property sits on 1.5 acres and offers a “breathtaking” view of the Bel Air Country Club golf course.

The home boasts eight bedrooms, 16 bathrooms and features a movie theater, indoor spa and gym, billiard room, wine cellar, poolside lounge, guest house, 2,000-square-foot master retreat and a subterranean garage to store a car collection.

The Bel Air mansion was not the Simons’ only expensive piece of property. Asherwood, a Carmel mansion with its own golf course, has an estimated value topping $50 million. Bren also has a condo in New York City, a home in Aspen, Colo., and other property.

Melvin married Bren, his second wife, in 1972.

In her lawsuit, Deborah is asking the court to throw out changes to Melvin’s estate plan he approved in February 2009, seven months before he died at age 82.

Deborah contends he was suffering from dementia and didn’t understand what he was doing when he signed off on the plan, which boosted the share of his fortune going directly to Bren from one-third to one-half.

The changes also wiped out a portion that was to go to Deborah and her siblings from Melvin’s first marriage—Cynthia Simon-Skjodt and David Simon, the CEO of Simon Property Group—and left charitable gifts stipulated in prior versions to Bren’s discretion.

Bren, 66, contends the changes reflected Melvin's wishes.



 

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  • Hey Sheila
    Please identify yourself. You seem to know alot about the Simon's and we'd like to get your input for a story. Thanks.
  • Hope she can sell it, because---
    the Hilbert mansion will not sell and it was first listed at a paultry $26,000,000.
  • ARE THAT DESPRATE FOR MONEY
    BREN, ARE YOU THAT DESPRATE FOR MONEY YOU SELLING EVERYTHING YOU GET YOUR HAND ON? YOU KNOW THE JUDGE GOING TO RULE IN DEBORAH FAVOR, THAT WHY YOU TRY SELL PROPERTY. SEE WHEN YOU DO PEOPLE WRONG COME BACK AND BIT YOU IN BUTT.

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    1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

    2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

    3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

    4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

    5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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