Billionaire Ron Burkle has purchased the Frank Lloyd Wright-designed Ennis House for nearly $4.5 million, according to the home's preservation group.
"We are excited that Mr. Burkle has purchased the Ennis House and is committed to complete the rehabilitation of this irreplaceable icon," said Marla Felber, Chair of the Foundation.
Burkle, according to his Forbes profile, is worth $3.5 billion. The 58-year-old also owns the historic Greenacres estate, originally built in the '20s for silent film legend Harold Lloyd.
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As part of the purchase, Burkle is required to "some form of public access to the house a minimum of 12 days per year," according to a statement from the Ennis House Foundation.
The 6,000-square-foot Ennis House was built in 1924 for retailer Charles Ennis. The home went on the market in 2009 for $15 million, but after "no serious offers," the Burkle deal was closed for $4,458,084.58, Felber told the Los Angeles Times.
"We look forward to working with Mr. Burkle to ensure the long-term preservation of this beloved Los Angeles landmark," said Linda Dishman, the Conservancy's executive director.
The home is located at 2601-2365 Glendower Ave. (map) in the Los Feliz neighborhood of Los Angeles.