- Snap CEO Evan Spiegel bought $100 million in property in Los Angeles, Dirt reports.
- One parcel is a vacant lot while the other contains an unfinished mansion.
- They’re located in Holmby Hills, a ritzy enclave where Facebook billionaire Sean Parker also lives.
Evan Spiegel may have expanded his growing real estate empire once again — this time, with a property reportedly worth $100 million.
Spiegel, the CEO of Snapchat’s parent company, Snap, has purchased two adjacent lots in the affluent Holmby Hills neighborhood of Los Angeles, according to a report from Dirt’s James McClain.
Spiegel purchased one of the parcels, a vacant lot spanning approximately 1.4 acres, for $25 million this past spring, Dirt reports — Zillow lists the property as having been sold on May 27.
Hilton & Hyland, the real estate firm who held the listing, had described it as “a rare chance to build a one-of-a-kind estate in one of the world’s most desirable and globally recognized locations.”
The empty lot isn’t the only new property in Spiegel’s portfolio: Dirt reports that he also recently purchased the adjacent parcel, a 2.6-acre property containing a massive, unfinished mansion.
The entire price tag for the two adjoining properties is roughly $100 million, Dirt reports.
Representatives for Spiegel and Hilton & Hyland did not immediately respond to Insider’s request for comment.
Earlier this year, Spiegel, who’s worth $13.7 billion, and his wife, the model Miranda Kerr, dropped $30 million on a mansion in Paris. The six-bedroom, five-bathroom house, located near the Seine river, includes a swimming pool, library, music room, wine cellar, and private dressing rooms, and spans 10,000 square feet, the New York Post reported at the time.
The couple also owns a house in Brentwood, California, which they purchased for $12 million in 2016. The 7,164-square-foot home was the site of their 2017 wedding. According to Dirt, Spiegel and Kerr also own smaller properties in Brentwood and Malibu, as well as a vineyard in Australia, where Kerr is from.
A ritzy enclave for celebrities — and other tech execs
Spiegel’s new Holmby Hills home is located across the street from the Playboy Mansion and in the same neighborhood as fellow tech billionaire Sean Parker’s $55 million abode. Parker, who cofounded Napster before becoming an early Facebook executive, purchased the nine-bedroom mansion from Ellen DeGeneres in 2014.
And one neighborhood over, in Benedict Canyon, Amazon founder Jeff Bezos owns an estate worth a reported $175 million.
Spiegel’s new property has also had a string of high-profile owners: According to Dirt, he bought it from British billionaire Ian Livingstone, who purchased it from former Los Angeles Dodgers co-owner Jamie McCourt. McCourt and her then-husband, Frank, bought the property in 2004 and sold it off in two separate transactions amid their divorce in 2011, according to Curbed Los Angeles.
The portion of the property containing the mansion was owned by music producer Kenneth “Babyface” Edmonds prior to the McCourts buying it in the early aughts, Dirt reports.
Still, Spiegel’s vacant lot and the mansion’s current state — “gutted and under major construction,” according to Dirt — makes it a rare opportunity for new construction in one of Los Angeles’ most exclusive neighborhoods.
Empty lots in affluent areas like Beverly Hills, which is adjacent to Holmby Hills, can cost tens of millions, or even hundreds of millions, of dollars. In 2019, media mogul David Geffen bought a vacant 1-acre lot for $30 million — he sold it off a year later for a $3.75-million profit, the Los Angeles Times reported.
And following the death of Microsoft cofounder Paul Allen in 2018, his massive, undeveloped plot of land dubbed “Enchanted Hill” was put on the market for $150 million. Incidentally, Bezos had reportedly planned to buy the land for $90 million, but the deal later fell through. Hilton & Hyland is currently listing Enchanted Hill for a cool $95 million.