The expansive Bel Air mansion of the late Chrysler chairman Lee Iacocca goes on sale for $ 29.9 MILLION
The sprawling mansion in Los Angeles, where the late Lee Iacocca entertained Frank Sinatra and Betty White, goes on sale for $ 29.9 million after the auto director died last year.
Iacocca, the former president of Ford Motor Company and chairman of Chrysler Corporation, lived his retirement with the Tuscan mansion in Bel Air before succumbing to Parkinson’s disease at the age of 94 in July.
The 10,682-square-foot mansion near the Bel Air Country Club sits on over an acre and features five bedrooms, eight bathrooms, a pool, spa and tennis courts to enjoy all year round.
Breathtaking: Lee Iacocca Tuscan mansion in Los Angeles’ upscale Bel Air neighborhood is on the market for $ 29.9 million after the auto executive’s death last year
Stunning: The 10,682-square-foot mansion features five bedrooms, eight bathrooms, a pool, and a spa
The fenced estate has large open rooms and terraces for large-scale entertainment. The property has four en-suite bedrooms, a staff apartment, formal living and dining rooms, a paneled library and five fireplaces.
The master suite caters to royalty with a living space 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 rooms. ‘
In addition to the pool, spa and tennis court, the owners can take advantage of Southern California’s mild climate with the country house’s lavish outdoor space featuring mature landscaping and living areas with topiary.
The space is perfect for both large parties and more intimate affairs, with a chef’s kitchen ready to receive guests.
Retirement home: Iacocca, the former president of Ford Motor Company and chairman of Chrysler Corporation, lived his retirement at the manor before succumbing to Parkinson’s disease at the age of 94 in July.
Plenty of space: The gated estate has large open rooms and terraces for large-scale entertainment
“The residence’s long driveway and abundant parking space contributed to the rich history of lavish parties in the home,” Rick Hilton, a real estate agent at Hilton & Hyland, told the Robb Report.
“Prominent figures spent countless nights at the late automotive manager’s residence,” added Hilton, who shares the entry with David Kramer. “They include Bob and Dolores Hope, Frank and Barbara Sinatra, Barbara Davis, Priscilla Presley and Betty White, among 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 United States to work in the steel industry and family hot dog business.
He graduated from Lehigh University with a degree in industrial engineering and entered Princeton University after receiving a fellowship. Iacocca started his career as an engineer in 1946 at Ford Motor Company, where he quickly reached the ranks.
In 1960, he served as vice president and general manager of the Ford division. He became known as the father of the Ford Mustang after helping to market the iconic sports car in 1964.
Extra touch: the luxurious hall has a large chandelier for the stairs
Cozy if you can: the mansion has several living rooms and five fireplaces
Living like a king: The estate has formal living and dining rooms everywhere
Iacocca also convinced his boss, Henry Ford II, to return to racing, a story recently portrayed in the 2019 Ford v Ferrari sports drama.
It was at his insistence that the 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 back from the deal, infuriating them both. As a reward, the offended Ford ordered his company’s racing department to build a vehicle that would beat Ferrari in the 24 Hours of Le Mans, an endurance race for cars in France.
Played in the film by Jon Bernthal, Iacocca 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 released British racer Ken Miles (Christian Bale) and the film describes their mission to build the Ford GT40 that Ferrari would match in the race.
Iacocca was appointed president of the company in 1970. However, his strained relationship with the scion of Ford Motor Company led Ford to fire him in 1978.
He became a national celebrity after helping save the Chrysler Corporation by convincing the federal government to borrow $ 1.5 billion to save the company.
Icon: Iacocca’s portrait hangs to the left of the fireplace in the spacious family room
Even more amenities: The property also has a tennis court and guest house
As chairman of the Chrysler Corporation, he was an ad spokesperson and famously said, “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 visited the house
The popular minivan was introduced during his tenure, and with his guidance, the company was able to repay its government bonds in 1983, years ahead of schedule.
In addition to his success in the auto industry, he wrote several best-selling books and even considered running for president in 1988. Although he was a popular candidate, he eventually decided not to run.
Iacocca used his negotiating skills when he bought his Bel Air mansion in 1993, a year after he retired from Chrysler Corporation.
The newly built home was listed by builders for $ 11.9 million, according to the Robb Report. A Hong Kong-based buyer bought the house for 8 million, but withdrew it before it was completed.
After the builders defaulted on the loan, the estate was repossessed by the Federal Deposit Insurance Corporation (FDIC). While the value was reportedly close to $ 7 million, Iacocca kicked the property for $ 4.25 million.
Iacocca’s daughter Lia Iacocca Assad sells the mansion, and if she comes close to the asking price, the property will have valued nearly 600 percent.