When Snapchat founder Evan Spiegel and supermodel Miranda Kerr shelled out $25 million for a home in Los Angeles last May, the couple still had a long way to go for the plot of land they wanted to buy next door.
Almost two years later, Spiegel and Kerr finally closed on the second parcel of land in the Holmby Hills neighborhood for a whopping $120 million, which in total comes out to a hefty $145 million price tag, according to Dirt.com.
The reason it took so long to close on the home comes down to construction, the outlet reported. Since the mansion is undergoing a multi-year build, certain construction phases had to be completed before they can officially take ownership of the estate.
This marks one of the highest sales in the state of California, behind Marc Andreessen’s $177 million Malibu home and Jeff Bezos’ $165 million Beverly Hills estate.
Located across the street from the Playboy Mansion, the combined four-acre property was sold to them by British billionaire Ian Livingstone, who had purchased the two parcels for $72 million back in 2014 and 2017.
He then began combing both properties into one enormous estate with construction costs estimated at tens of millions, before later flipping the property to Spiegel, according to Dirt.
Spiegel and Kerr’s $125 million deal was backed by a $50 million mortgage.
At the time of the couple’s purchase, Snapchat shares were trading at record highs, and Spiegel’s net worth was pegged at more than $10 billion, according to Forbes. Now, with the company’s diminishing revenue, decreased stock price, and uncertain economy, his net worth has crumbled by $7.5 billion.
Stephen Resnick and Jonathan Nash of Hilton & Hyland held the listing. Drew Fenton of Hilton & Hyland repped the buyer.
Meanwhile, as they wait for the construction to be completed, Spiegel, 32, and Kerr, 39, are living in a Brentwood home once owned by Harrison Ford. They also have a villa in Paris, that they shelled out $30 million for, The Post previously reported.
Spiegel also still owns the first home he’s ever purchased for $3 million, also in Brentwood.