The sprawling Los Angeles mansion where the late Lee Iacocca entertained the likes of Frank Sinatra and Betty White is on sale for $29.9 million following the automobile executive’s death last year.
Iacocca, the former president of Ford Motor Company and chairman of Chrysler Corporation, lived out his retirement at the Tuscan-style mansion in Bel Air before succumbing to Parkinson’s disease in July at the age of 94.
The 10,682 square-foot mansion located near the Bel Air Country Club sits on over an acre and boasts five bedrooms, eight bathrooms, a swimming pool, spa, and tennis courts to be enjoyed year-round.
Breathtaking: Lee Iacocca Tuscan-style mansion in Los Angeles’ ritzy Bel Air neighborhood is on the market for $29.9 million following the automobile executive’s death last year
Stunning: The 10,682 square-foot mansion boasts five bedrooms, eight bathrooms, a swimming pool, and spa
The gated estate features large open-plan rooms and terraces for large-scale entertaining. The property has four ensuite guest rooms, a staff apartment, formal living and dining rooms, paneled library, and five fireplaces.
The master suite is fit for royalty with a living area that is larger than many of the mansion’s formal living rooms.
TopTenRealEstateDeals.com noted that the scale is ‘ reminiscent of historical times when the aristocracy entertained guests in their private chambers.’
In addition to the pool, spa, and tennis court, the owners can take advantage of Southern California’s mild climate with the mansion’s lush outdoor space that includes mature landscaping and living areas highlighted with topiary.
The space is perfect for both large parties and more intimate affairs, with a chef’s kitchen that is ready for entertaining guests.
Retirement home: Iacocca, the former president of Ford Motor Company and chairman of Chrysler Corporation, lived out his retirement at the mansion before succumbing to Parkinson’s disease in July at the age of 94
Lots of room: The gated estate features large open-plan rooms and terraces for large-scale entertaining
‘The residence’s long driveway and abundant space for parking contributed to the home’s rich history of lavish parties,’ Rick Hilton, a broker at Hilton & Hyland, told the Robb Report.
‘Prominent figures spent countless nights at the late automotive executive’s residence,’ added Hilton, who shares the listing with David Kramer. ‘They included Bob and Dolores Hope, Frank and Barbara Sinatra, Barbara Davis, Priscilla Presley, and Betty White, among many others.’
The visionary automaker was worth $150 million at the time of his death, but he came from humble beginnings.
Iacocca was born in Allentown, Pennsylvania, to Italian immigrant parents who moved to the U.S. for work in the steel industry and family hot dog business.
He graduated from Lehigh University with a degree in industrial engineering and went on to attend Princeton University after winning a fellowship. Iacocca started his career as an engineer in 1946 at Ford Motor Company, where he rapidly rose up the ranks.
By 1960, he was the vice president and general manager of the Ford division. He became known as the father of the Ford Mustang after he helped bring the iconic sports car to the market in 1964.
Added touch: The luxurious entryway features a large chandelier located in front of the steps
Cozy as can be: The mansion has multiple living rooms and five fireplaces
Living like a king: The estate boasts formal living and dining rooms throughout
Iacocca also convinced his boss, Henry Ford II, to return to racing, a story that was recently depicted in the 2019 sports drama Ford v Ferrari.
It was upon his urging that the Ford Motor Company CEO offered to buy the Italian luxury car manufacturer Ferrari, which was struggling at the time.
However, Enzo Ferrari ended up backing out of the deal, leaving them both furious. As payback, the insulted Ford ordered his company’s racing division to build a vehicle that would beat Ferrari in the 24 Hours of Le Mans, an automobile endurance race held in France.
Iacocca, who is played by Jon Bernthal in the film, enlisted the help of former racing driver Carroll Shelby (Matt Damon), who won Le Mans in 1959 but retired due to his heart condition.
Shelby brought on British racer Ken Miles (Christian Bale), and the film chronicles their mission to build the Ford GT40 that would rival Ferrari in the race.
Iacocca was named president of the company in 1970. However, his tense relationship with the Ford Motor Company scion led Ford to fire him in 1978.
He went on to become a national celebrity after he helped bail out the Chrysler Corporation by convincing the federal government to loan him $1.5 billion to bail out the company.
Icon: Iacocca’s portrait hangs to the left of the fire place in the spacious family room
Even more ameneties: The property also has a tennis court and a guest house
As the chairman of the Chrysler Corporation, he served as a spokesman in ads, famously saying: ‘If you can find a better car, buy it.’
Famous faces: Bob and Dolores Hope, Frank and Barbara Sinatra, Barbara Davis, Priscilla Presley, and Betty White are among the famous guests who’ve visited the home
The popular minivan was introduced during his tenure, and with his guidance, the company was able to repay its government loans in 1983, years earlier than scheduled.
In addition to his success in the auto industry, he penned several best-selling books and even considered a run for president in 1988. However, although he was a popular candidate, he ultimately decided not to run.
Iacocca used his negotiation skills when he purchased his Bel Air mansion in 1993, a year after he retired from the Chrysler Corporation.
The newly constructed home was listed by the builders for $11.9 million, according to the Robb Report. A Hong Kong-based buyer purchased the home for $8 million but pulled out before its completion.
After the builders defaulted on the loan, the estate was repossessed by the Federal Deposit Insurance Corporation (FDIC). While the value was said to be close to $7 million, Iacocca scooped up the property for $4.25 million.
Iacocca’s daughter Lia Iacocca Assad is selling the mansion, and if she gets anything close to asking price, the property will have appreciated nearly 600 per cent.
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Late Chrysler chairman Lee Iacocca's sprawling Bel Air mansion - where he entertained the likes of Frank Sinatra and Betty White - goes on the market for $29.9 MILLION, eight months after his death have 1605 words, post on www.dailymail.co.uk at March 31, 2020. This is cached page on Business News. If you want remove this page, please contact us.