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As Southern California’s red-hot real estate market sees homes selling for hundreds of thousands of dollars over the asking price, one of the region’s most legendary properties is hitting the market at a massive markdown.
The famed Hearst estate a Mediterranean Revival-style mansion with ties to William Randolph Hearst, John F. Kennedy and “The Godfather” just relisted for $89.75 million.
A bankruptcy court is forcing the sale. The home’s longtime owner, attorney Leonard Ross, once tried to sell the trophy property for $195 million in 2016, but has since racked up a debt of more than $50 million on the estate. As a result, he put the property into bankruptcy, and the lender, Fortress Investment Group, petitioned the bankruptcy court to force a sale and succeeded. ....

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