Even amid a nationwide slump in the luxury housing market, Tom and Ruth Chapman have managed to sell their Beverly Hills home for roughly $35.3 million. While well under the $42 million the married English fashion moguls originally asked, that price still far above the $24 million they paid for the place just five years ago, and is also one of the priciest per-square-foot deals ever recorded in Trousdale Estates, an exclusive Beverly Hills neighborhood famed for its many midcentury modern homes.
This house was originally built in 1962, technically making it a midcentury, but the structure is believed to have been completely rebuilt in the late 1970s. From about 2014-2016, the house was ripped apart and rebuilt once again — and though the latest refresh was completed just before the Chapmans bought the place, the couple gave the residence yet another thorough renovation, hiring Studio Shamshiri to replace the kitchen and add a media room.
Inside, the very bespoke mansion offers more than 6,000 square feet of space. Per the listing, noteworthy areas include a reception room, a plush study, a master suite with its own poolside veranda and a pool house that also functions as a guesthouse. In the backyard, the Chapmans demolished much of the previous owner’s concrete decking and replaced it with a manicured garden and grassy lawns. From its hillside perch, the home’s views span nearly the entire city skyline, from Downtown L.A. to the Pacific Ocean.
Records reveal the $35 million cash buyer is an LLC tied to semi-mysterious Hong Kong billionaire Hao Tang, the same man who recently paid a record $70 million for an estate in the Beverly Park neighborhood, and is believed to have subsequently shelled out another $28 million for the vacant lot immediately next door. Those two contiguous properties give him a $98 million, 5-acre compound in L.A.’s most expensive gated community.
Last year, Tang established Titan Golden Capital, a private family office that manages his own fortune. Since then, he’s emerged as one of 2022’s biggest spenders on U.S. real estate. In addition to his $133 million of 90210 mansions, he paid more than $200 million for a property on New York City’s Madison Avenue.
Little is publicly known about the source of Tang’s wealth. But some years ago, he reportedly spent $300 million to buy a large part of what has become Flutter Entertainment, the world’s largest online gambling company. And last year, Tang and fellow L.A. real estate whale Karen Lo were part of a small group of billionaire Asian investors who bought up much of Playtech, a global tech company focused on gambling.
It’s not yet clear who will be living in the Trousdale house, or why Tang would need this particular property when he’s already got a much larger compound just a few miles away, but those details should emerge soon enough. In the meantime, the half-acre estate sits on one of the most coveted streets in Trousdale; nearby neighbors include fashion mogul Bernard Arnault.
No word yet on whether the Chapmans, who founded the MatchesFashion website and cashed out for nearly $500 million, plan to buy another L.A. property. But they still maintain an elegant home in their native U.K., in London’s affluent Wimbledon district.