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The World's Richest Person Sold Himself An $84 Million House, This Could Be Why

Bernard Arnault, the richest person in the world and owner of luxury brand LVMH Moet Hennessy Louis Vuitton, reportedly sold one of his Los Angeles properties in late 2021 for a staggering $84.5 million.

While the house was never listed for public sale, grant deeds confirm that the property underwent an ownership transfer. Arnault’s LLC was sold to another LLC set up by his lawyer – meaning the billionaire bought the house from himself.

The circumstances surrounding the sale are unusual as Arnault appears to have been on both sides of the transaction. It is unclear why Arnault would sell a house to himself, however, it was speculated that the property was either transferred to a close family member or held in the extensive Arnault family portfolio of holdings.

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Arnault is renowned for his influence in the luxury industry, with his net worth of $206.6 billion making him the richest man in the world. The Beverly Hills mansion, custom-designed by Marmol Radziner, boasts breathtaking views of the Los Angeles skyline, with an infinity-edged swimming pool shaped like a frying pan out back.

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While the property was never publicly listed for sale, archived permits reveal that the mansion is likely over 10,000 square feet and was built with only three bedrooms. The property spans nearly two acres, though much of that land is unusable hillside, and there isn’t much landscaping besides a thicket of trees for privacy.

Arnault is a seasoned real estate developer and owns several other properties in the Los Angeles area, including the adjacent property to the recently sold mansion, where he is building another mansion. His extensive Rodeo Drive shopping district holdings also fall under various LVMH holding companies.

The circumstances surrounding the sale of Arnault’s Beverly Hills residence remain shrouded in mystery, but the $84.5 million sale was officially recorded in December 2021.

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This article The World's Richest Person Sold Himself An $84 Million House, This Could Be Why originally appeared on Benzinga.com

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