Business tycoon Ronald Kramer and his wife Stephanie Blau just purchased a palatial estate in Beverly Hills, California for $24.5 million. Kramer is the former President and Director of Wynn Resorts, Ltd. and currently serves as CEO of The Griffin Corporation. The former Wall Street bank mogul also serves on the boards of several financial companies. The Kramers got the property for a steal as it was originally listed at property is $32.5 million. The estate has been on and off the market for a couple of years, and the Kramers purchased it off market. The home was built in 1934 and has been home to several major Hollywood players. The Beverly Hills estate includes a large yet charming contemporary style five bedroom main house, a detached three bedroom guest house and is surrounded by beautiful manicured gardens. It also has a large patio, pool, spa and gym.
Hillside Beverly Hills Property
The estate sits on 1.38 acres in northern Beverly Hills tucked into the hills of Benedict Canyon. It is surrounded by large hedges that maintain the property’s privacy. There are five gated entrances to the property including one that leads to a private parking lot for staff. The estate features beautiful lush gardens, a pool and outdoor entertaining space, a 4,000 square foot detached guest house and a three story sprawling 11,000 square foot well appointed main house. The main house was built in 1934 and renovated as well as added space to in the 2010’s. Once a Tudor style home, the main house is more contemporary today but still maintains its English charm. The home sits above the tiered gardens and pool. Painted blue and white, the three story home offers beautiful views of the lush gardens. The indoor decor of the main house features a neutral pallet of subtle muted grays and white with black accents. The open floor plan includes a large kitchen, living room and dining room. The kitchen has modern appliances and features white cabinets, marble counter tops and wood floors.
A comfortable media room overlooks the gardens and a walk out entertaining area. The den has ample room for lounging and entertaining. The lower level of the home features a game room for entertaining. There is ample comfortable seating, a built in bar, wine cellar and pool table. The home has five bedrooms, each with an en suite bathroom. The master bedroom sits on the top floor and includes a private balcony overlooking the gardens. Several sets of stairs lead down to the detached guest house which can be used for visitors or as a home to overnight staff. Like the main house, the guest house has an open floor plan with a full kitchen, living room and dining area. The guest house compliments the colors and design of the main house. There are three bedrooms in the guest house. There is also a state of the art gym. Among the lush gardens, which include grapevines and a vegetable garden, is a large saltwater swimming pool and spa. A sundeck sits beside the pool. The outdoor trellised entertaining area features a large fire pit, dining and seating. Homeowners and their guests can enjoy walking through the property’s well manicured gardens, working out in the gym, sunbathing, swimming and relaxing. The property has great entertaining spots both inside and outside.
History of the Estate
The estate has a rich and famous history. The home was built Tudor style and completed in 1934. The estate nestled in the hills of Benedict Canyon offered beautiful land and views as well as privacy, attracting several Hollywood moguls. George Sidney, a producer during Hollywood’s Golden Age” once lived at the residence. Michael Jackson’s longtime manager Freddy Demon lived at the home for many years. A producer of “The Terminator” film, Gale Anne Hurd, lived at the estate. Heiress Janet Crown also lived on the estate. The sellers of this palatial estate are Rich and Christy Reilly. The couple purchased the estate in 2017 but put it back on the market two years ago with the asking price of $32.5 million. Unfortunately, the Reillys could not find a buyer and had to drop the price. The estate just sold for $24.5 million to businessman Ronald Kramer and his wife Stephanie.
The Reilly’s own an Ohio-based greenhouse manufacturing business. It’s unclear why the sold the Beverly Hills estate so soon. Ronald Kramer and his wife Stephanie Blau recently purchased the estate in a private sale. Kramer was a major wall street banker before leaving his business in New York City in 2002 to become the President and Director of Wynn Resorts, Ltd. Steve Wynn is a real estate developer and art collector well known for his hotels and casinos, particularly in Las Vegas and Atlanta including The Mirage, Treasure Island and The Golden Nugget. In 2008 Ronald Kramer left his position with Wynn Resorts, Ltd. to become CEO of Griffon Corporation. Griffon Corporation manufactures electrical communications equipment, garage doors and garden tools. Kramer took the position over from his father in law. Ronald Kramer continues to serve as CEO of Griffon Corporation and serves on the board of directors of several companies. While he and his wife intend to enjoy their new Beverly Hills Estate, they will maintain their homes in New York including a South Hamptons Estate and a duplex apartment on Manhattan’s 5th Avenue.
What a Steal
While the Reilleys are certainly disappointed in not being able to make a profit off of the sale of their Beverly Hills Estate, the Kramers are certainly happy to acquire the Beverly Hills estate. The Kramers were able to purchase the palatial home and land for $8 million below the asking price. As the home was renovated not that long ago, the Kramers will certainly enjoy the home, guest house and grounds without having to put more money in it. They got a great deal. This private palatial estate is perfect for relaxing and entertaining.