Media mogul Shane Smith just made real estate history in Pacific Palisades, unloading his prized compound for $48.67 million — an all-time record for the coastal community.
It’s the priciest sale the neighborhood has ever seen by a large margin, beating out a Georgian-style estate owned by entertainment mogul Michael King that traded hands for $33.85 million in 2018. It’s also the second-largest deal in Los Angeles County so far this year behind a Beverly Park mansion that was auctioned off for $51 million.
Smith, the flashy entrepreneur who cofounded Vice Media and serves as its executive chairman, more than doubled his money on the deal. In 2015, he shelled out $23 million for the leafy retreat, which has a Santa Monica mailing address, The Times previously reported.
Known as Villa Ruchello, the Mediterranean-style mansion lived a long life before Smith moved in. In addition to starring in “Entourage” and “Beverly Hills Cop,” the palm-topped compound has been occupied by director Henry Jaglom and members of Fleetwood Mac.
At 3.35 acres, it’s one of the biggest properties in the Palisades and makes the most of its space with three homes that combine for 13 bedrooms and 12.5 bathrooms in 14,000 square feet. Lawns, gardens and citrus groves spruce up the tropical grounds.
The main house was built in 1932, and a recent multimillion-dollar renovation brought new life along with Old Hollywood style. An exterior of white stucco and clay tile leads to lumber-filled living spaces; dark hardwood floors line the foyer, and warm wood walls cover a lounge with a stone fireplace.
Elsewhere are two kitchens, a living room under rugged beams, wine cellar and wet bar. Romantic balconies and loggias hang off the home, overlooking the verdant grounds with a 74-foot swimming pool, Japanese-style cedar soaking tub and pizza oven. Private wells and a generator help the estate stay self-sufficient.
Santiago Arana of the Agency held the listing. Richard Ehrlich of Westside Estate Agency represented the buyer.
A native of Canada, Smith founded Vice with Suroosh Alvi and Gavin McInnes in 1994 as a magazine and has since grown the media brand into an industry-spanning empire worth billions. McInnes, known for his far-right political views, left Vice in 2008 and went on to found the Proud Boys.
This story originally appeared in Los Angeles Times.