Peter Thiel buys troubled Casa Encantada for $130 million
Billionaire investor Peter Thiel has quietly bought the troubled Bel-Air mega-mansion Casa Encantada for $130 million at a foreclosure auction, according to reports confirming him as the previously undisclosed buyer of one of Los Angeles’s most iconic and storied luxury estates. The Casa Encantada 130 million sale closed in July through a limited liability company linked to the PayPal and Palantir co-founder, the Los Angeles Times reported, citing the Wall Street Journal.
Key Takeaways
- Peter Thiel paid $130 million for Casa Encantada at a Pomona foreclosure auction in July.
- The 40,000-square-foot Bel-Air estate had been listed as high as $250 million under late owner Gary Winnick.
- Entities tied to Winnick defaulted on more than $150 million in loans backed partly by the mansion.
- Thiel relocated his primary residence to Miami and plans to hold Casa Encantada as an investment, with renovations ahead.
Who bought Casa Encantada and for how much?
Thiel emerged as the buyer of the storied property at 10644 Bellagio Road after his identity had been concealed following the July auction at Pomona’s Civic Center Plaza. Sources familiar with the deal told the Journal that an LLC connected to Thiel placed the winning bid, and that he had eyed the estate for months beforehand.
At $130 million, the transaction ranks among the priciest home sales ever in Los Angeles. Still, it landed well below recent asking prices: Winnick sought $225 million in 2019 and $250 million in 2023. For more coverage of ultra-wealthy deals, see our Net Worth & Wealth hub.
Why was the Bel-Air mega-mansion in foreclosure?
Casa Encantada was the longtime home of financier and telecommunications mogul Gary Winnick and his wife, Karen Winnick. After Gary Winnick died in 2023 amid mounting debt, the estate became collateral in a bitter loan fight.
Records show entities tied to Winnick defaulted on more than $150 million in loans from CIM Real Estate Credit secured by the Bel-Air mansion and other properties. Karen Winnick tried to sell privately, cutting the price several times; the family relisted at $170 million in April before the home went to the highest bidder three months later.
What is Casa Encantada, and will Thiel live there?
Built in 1938 by Russian-born architect James Dolena, the roughly 8.4-acre compound overlooks the Bel-Air Country Club. It offers seven bedrooms, 20 bathrooms, terraced gardens, a tennis court, and a 60-foot tiled pool, plus Old Hollywood interiors with Ionic columns, sweeping staircases, and a walnut-paneled library.
Hotel magnate Conrad Hilton bought it in 1950. Financier David Murdock paid a then-national record $12.4 million in 1980; Winnick set another record at $94 million in 2000 and later poured tens of millions into a Peter Marino renovation.
Thiel already holds homes in Miami, Washington, D.C., Buenos Aires, New Zealand, and Hawaii. Sources told the Journal he moved his primary residence from California to Miami late last year, does not plan to live at Casa Encantada, and instead intends to use it as an investment property while renovating the estate.