The Wall Street Journal - 23.08.2019

THE WALL STREET JOURNAL. Friday, August 23, 2019 |M3

TRAVIS MARK/SOTHEBY’S INTERNATIONAL REALTY (2); EVAN AGOSTINI/ASSOCIATED PRESS (STREEP)

Once listed for $1 billion, a 157-

acre parcel of land in Beverly Hills

known as The Mountain has sold at a

foreclosure auction to its lender for

just $100,000.

An entity linked to the Mark Hughes

Trust, which was established to man-

age the assets of Herbalife founder

Mark Hughes, who died in 2000, won

the property Tuesday at a trustee’s sale

in Pomona, Calif., said Ronald Richards,

an attorney for one of the former own-

ers, Secured Capital Partners.

The trust, a onetime owner of the

property, sold it in 2004 in an un-

usual seller-financed deal in which it

was the primary lender.

No other bidders showed up, said

Mr. Richards. Any other buyer would

have had to pay at least $200 million

to cover the debt on the property, an

amount that includes late fees and

interest.

The parcel overlooks the Los Ange-

les basin and is thought to be among

the most valuable pieces of land in

the area. It was listed for $1 billion

last year, but the price was later cut

to $650 million.

The auction follows a decadeslong

battle over the property that started

after the death of Mr. Hughes. The

Herbalife founder had purchased the

property from television personality

Merv Griffin, who had planned his

own megamansion on the site.

Mr. Hughes’s son Alex, who is in

his 20s, is slated to inherit the en-

tirety of his father’s estate when he

turns 35.

—Katherine Clarke

From $1 Billion to $100,000 at Auction

Actress Meryl Streep is relisting a downtown New
York penthouse for $18.25 million, 26% less than she
sought a year ago.
The property came on the market for $24.6 million
in August 2018. It was reduced to $19.75 million in
October and was taken off the market last month.
The unit spans a full floor at River Lofts, a Tribeca
condo building that has a subterranean garage from
which owners can take an elevator straight to their
apartments—an unusual fea-
ture popular with privacy-seek-
ing owners. Actress Gwyneth
Paltrow sold her unit in 2017
for $10.7 million, records show.
Ms. Streep’s four-bedroom
apartment is nearly 4,000
square feet, with open-plan liv-
ing and dining areas, Brazilian walnut floors, a wood-
burning fireplace, a media room and a space that
could be used as a study or den, according to the list-
ing. It also has a wraparound terrace on three sides,
floor-to-ceiling windows and views of the Hudson
River, the Statue of Liberty, the World Trade Center
and the Empire State Building.
“I have gardened under the stars on hot days, and
sat by the cozy fire while the snow piled up on the

terrace,’’ Ms. Streep, 70, said in a

statement. “This has been a great

home for us, and I hope another

family can now enjoy it as much

as we have.” Ms. Streep has been

married to Don Gummer, a sculp-

tor, for more than four decades.

They have four adult children.

The couple bought the apart-

ment for $10.131 million in 2006,

records show. Juliette R. Janssens

of Sotheby’s International Realty,

who is relisting the property with

colleague Allison Bandier Koffman,

said Ms. Streep is selling because

she is relocating to California.

One of Hollywood’s most

lauded actresses, Ms. Streep re-

cently won plaudits for her role in

the television series “Big Little

Lies,” alongside Reese Wither-

spoon and Nicole Kidman. She is

set to appear later this year in a

remake of “Little Women,” which

is being directed by Greta Gerwig.

—Katherine Clarke

Meryl Streep Relists Tribeca Penthouse

MATTHEW MOMBERGER / JUWAN LI

A pair of New York City penthouses

list.M10

$18.25

Million

Wraparound

terrace

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