Former 76ers Owner Michael Rubin Purchased The $70 Million Mansion Of Ronald Reagan In L.A

Michael Rubin, the billionaire known for having the ears of star athletes, league offices and team owners is selling his 10% stake in Harris Blitzer Sports & Entertainment, the parent company of the Philadelphia 76ers and New Jersey Devils, he told FOX Sports in an interview.

Rubin is the founder and executive chairman of Fanatics, the world’s largest retailer of officially licensed gear for US sports fans. The Jacksonsville, Florida-based company sells jerseys and apparel at sporting stadiums, flagship stores and online. The closely held company was valued at $27 billion in a March 2022 funding round.

Hollywood Hills just saw its priciest home sale ever. In the Bird Streets, a property once owned by Ronald Reagan has traded hands for $70 million — by far the most ever paid for a home in the neighborhood.

According to TMZ, Former 76ers owner Michael Rubin has found a new place to call home. He just dropped $70 million on an L.A. mansion that sits on land previously owned by Ronald Reagan!

The house is located in Hollywood Hills — and it’s insane. It features seven bedrooms, 12 bathrooms and a laundry list of amenities.

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The seller is a limited liability company tied to Francesco Aquilini, a Canadian businessman and developer who serves as chairman of the Vancouver Canucks NHL team. In recent years, Aquilini has been on a hot streak in Hollywood Hills; he set the neighborhood’s previous price record in 2020 when he sold a spec mansion to Jeffrey Gou, film producer and heir to the Foxconn fortune for $42.5 million.

Previous listings reveal the property was once home to Ronald Reagan and his first wife, actress Jane Wyman. Photos are scarce since the house was never officially listed for sale, but aerial shots show that the home underwent a significant remodel in recent years.

The reason for the record-setting price is the property’s rare location. Spanning three-quarters of an acre, it’s perched on the edge of a knoll just above the Sunset Strip with virtually nothing obstructing its view of the city.

According to TMZ, Michael Rubin who wanted a new pad in Los Angeles because a lot of his Fanatics business is run out of the city got a pretty good deal on the place. It was originally listed for over $80 million.

According to the Los Angeles Times, Like Michael Rubin, the seller has some ties to the sports world. Francesco Aquilini, the chairman of the Vancouver Canucks, was the one who put it on the market.

Records show it holds seven bedrooms and 12 bathrooms across three stories. When the house last traded hands for $8.5 million in 2012, it featured a movie theater, library, wine cellar, tennis court and Balinese-inspired swimming pool.

The $70-million deal redefines the top of the market in Hollywood Hills, which always saw high-profile deals but never quite reached the blockbuster levels of neighbors such as Beverly Hills or Bel-Air.

It ranks as Southern California’s third-priciest sale so far this year. The top spot belongs to The One, a 105,000-square-foot mega-mansion that was auctioned off for $141 million, followed by Robbie Williams’ compound in Beverly Crest, which Drake bought for $75 million.

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Sources: Bloomberg, TMZ, Los Angeles Times

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