Jeff Bezos Halts Construction On $165M Beverly Hills Megamansion As His Net Worth Drops By $57B
April 7 2023, Published 4:45 p.m. ET
Jeff Bezos halted the construction of his $165 million California megamansion, RadarOnline.com has learned.
The multi-billionaire Amazon founder stopped construction on the Beverly Hills mansion this week as he awaits approval for an application that would see the property expanded by more than 15,000 square feet.
According to the New York Post, this is at least the second time the 59-year-old billionaire has been instructed to stop construction on the Beverly Hills property.
Previously, in 2021, the Amazon founder’s first application for a Hillside R-1 Permit was reportedly denied due to the fact the initial construction on the megamansion was not finished.
Although the initial application was later approved, Bezos’ January application to add a “game court fence with lighting” to the property has been once again denied.
“Now he submits a new application for a different scope on that construction, and he can’t build with the scope associated with the request,” Judy Gutierrez, a senior city council planner for Beverly Hills, told the Post this week.
“The Hillside R-1 Permit submitted in January 2023 has not been scheduled for a Planning Commission hearing,” Gutierrez added, indicating that further renovations and construction on Bezos’ property will “remain on hold” until a Planning Commission hearing is scheduled.
Aerial photos of the Beverly Hills property obtained by the Post this week show construction equipment sprawled across the property, but there is no evidence of any construction workers working on the renovations.
As RadarOnline.com previously reported, the construction halt on Bezos’ $165 million California megamansion came just after it was revealed the Amazon founder’s net worth dropped by a whopping $57 billion in 2022.
According to sources familiar with the $57 billion drop in Bezos’ net worth, the drop was a direct result of Amazon’s stock price dropping by 38% as of March 10.
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Despite the devastating drop in his net worth, Bezos is still ranked as the third wealthiest person in the world with a current estimated net worth of $117 billion.
Bezos’ purchase of the $165 million Beverly Hills mansion in 2020 also reportedly set a Los Angeles record until entrepreneur and venture capitalist Marc Andreessen purchased a 7-acre compound in Malibu in 2021 for a whopping $177 million.
