The estate of the late Lee Iacocca is listing his former Bel Air residence for a huge profit at a whopping $25.999 million. Iacocca is the famed Chrysler executive who saved the company from bankruptcy by convincing the federal government to lend him a $1.5 billion bail out, and then steered the enterprise toward record profits during the 1980s. After retiring from Chrysler in 1993, Iacocca lived in this sprawling California compound until his eventual passing in 2019.
Ever the negotiator, Iacocca reportedly snapped up the property at $4.25 million after its builders were forced to default on the loan and the lender went into federal receivership. Initially listed for $11.9 million during its construction, a Hong Kong buyer bought the property, but then backed out, eventually causing the FDIC to repossess the property and allowing Iacocca to get a killer deal.
If the estate does sell for close to $26 million, the Iacocca’s will have profited nearly 600 percent.
The $26 million asking price is due in large part to the location of the property off Sunset Boulevard on Chalon Road. In close proximity are the famed Bel-Air Country Club and Hotel Bel-Air. Behind private gates, the 11,000-square-foot main house resides at the end of a tree-line driveway, encompassing five bedrooms and eight bathrooms on over an acre of land.
Masterfully designed in traditional Tuscan stylings, the home features high ceilings and meticulous craftsmanship. Four ensuite guest rooms and an open floorplan make entertaining easy. In fact, lavish entertaining of many influential guests did take place in this estate over the years of Iacocca’s residency. Celebrities such as Bob and Dolores Hope, Frank and Barbara Sinatra, Barbara Davis, Priscilla Presley, Betty White and many others graced this hallowed abode.
Photography via Tyler Hogan Photography / Hilton & Hyland