The Beverly House, once owned by publisher William Randolph Hearst, is back on the market for $135 million, the highest-priced residence for sale in California, according to its listing agency.
The Beverly Hills compound, which sits on about 6 acres atop a private knoll three blocks from Sunset Boulevard, has been up for sale several times since 2007, when it was offered for $165 million.
The five-building estate was last taken off the market nine months ago, when it was listed at $115 million.
The owner, attorney Leonard Ross, decided to relist the 28- bedroom, 36-bath property after Fleur de Lys, a Holmby Hills mansion about 2.5 miles west of Beverly House, sold for $102 million in cash.
Mansions in markets such as New York and California are the equivalent of "safety deposit boxes" for investors, said Jonathan Miller, president of appraiser Miller Samuel Inc. They are being bought by Chinese families, foreign tycoons and U.S. celebrities as a hedge against currency and stock market disasters or the vicissitudes of politics.