Billionaire CEO of RH (formerly Restoration Hardware) Gary Friedman has been making some big personal real estate moves recently. Last month he listed the Beverly Hills mansion he purchased in 2020 with an asking price of $44.95 million, almost $8 million more than he spent on it about four years ago. And just as that listing was revealed he picked up a beach house in Malibu, his second in the area, for $28 million.
The Beverly Hills mansion Friedman is ready to step away from sprawls across a handsome 11,000 square feet, with five bedrooms and nine baths. It’s also prestigious enough to have its own name: “The Promontory,” as its official listing calls it. That listing goes on:
“THE ultimate view estate in Los Angeles sited on an approximately acre lot, with unobstructed head-on views spanning from downtown LA to the ocean. A masterful creation by renowned architectural designer, Tim Morrison. A world-class modern estate implementing classic Hollywood Regency details and a grand scale featuring every conceivable amenity. Meticulously crafted interior of approximately 11,000 sf showcasing unparalleled quality. Enter a spectacular 2-story foyer, grand dining room, formal living room, and a stunning bar all flow effortlessly for entertaining. Spectacular primary suite with explosive jetliner views, large sitting room and stunning dual baths and closets. Additional features include a state-of-the-art movie theater/screening room, 4 bedrooms, gym, and gourmet kitchen. One of the few view estates that possess a gated entry and vast motor court with 4-car garage. The rear grounds offer spectacular formal gardens, rolling lawns, and a dramatic floating zero edge pool.”
A home like The Promontory should really be seen for itself, though, and you can do just that by checking out the video below from Berlyn Media.
As for Friedman’s recently acquired second Malibu home, it’s a pretty impressive piece of work in its own right. The 4,000-square-foot beach getaway is reportedly just 12 doors down from the place he purchased in August of 2023 for $26.7 million. It’s not known what his plans are for this particular stretch of Malibu beach, but it’s been speculated that he intends one home to serve as a backup while the other undergoes renovations, or that one could serve as a de facto guest house for friends and family.