Billionaire Snap CEO sells L.A. mansion after cutting $4 million off the price

By Jennifer Kelly Geddes

He's still trying to sell another home in the same neighborhood

Billionaire Snapchat CEO Evan Spiegel can toast to another (semi) successful deal after finally securing a buyer for his Brentwood mansion in Los Angeles. But only after he agreed to settle for an offer that was $4 million below his original asking price.

The 34-year-old, who is married to supermodel Miranda Kerr and has an estimated net worth of $2.9 billion, according to Forbes, originally listed the six-bedroom, eight-bathroom mansion for $19.95 million in March.

In July, the price went down to $17.75 million. Still nobody snapped it up.

Finally, the 7,164-square-foot dwelling changed hands in a sale with an even lower number: $16.1 million.

Spiegel still walks away with a hefty profit, having paid $12 million for the home in 2016.

And now, he can focus his efforts on securing a buyer for the other Brentwood home he's currently trying to sell, a Spanish-style abode listed at $4.95 million.

Both Spiegel and Kerr listed their individual properties for sale, after they moved into an incredible $120 million compound in Los Angeles, where they now live with their children.

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The enormous property offers the pair ample space and maximum privacy-and plenty more land than they were afforded at their previous homes.

Still, the property that Spiegel just offloaded has plenty of its own alluring amenities.

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Designed by California architect Gerard Colcord, the stately property is reached by a long driveway that ends with a motor court. The decor mixes traditional lines with a soothing neutral palette of beige, cream, and white.

The large main room features glass doors that lead to the terrace, a fireplace warms up the formal dining room, and a skylight brightens the luxe kitchen.

The primary suite includes a private balcony with amazing vistas. Along with another fireplace and a seating area, the space comes with two closets and a marble bathroom with a long soaking tub.

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Outside, verdant lawns and mature trees surround the pool, the pool house with a catering kitchen, and the two-story guest cottage.

Spiegel developed Snapchat (SNAP), originally called Picaboo, in 2011. Now, the wildly popular instant messaging app is ubiquitous and used by millions across the globe to send pictures and messages.

The tech entrepreneur's wife, Kerr, also boasts her own business, a beauty brand called KORA Organics, which she founded in Australia in 2009, before taking it global several years later.

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The couple have three children together: sons Hart, Myles, and Pierre. Kerr also has a son, Flynn, with her ex-husband, Orlando Bloom.

This story originally ran on Realtor.com.

-Jennifer Kelly Geddes

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09-30-24 0503ET

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