By Roger Vincent
The building housing the expansive Gucci store on Rodeo Drive has sold for more than $100 million to a Spanish fashion mogul.
Gucci, the famous upmarket Italian fashion house, is the sole tenant of the three-story building in the heart of the famed shopping district in Beverly Hills.
The sale was announced by real estate brokerages Cushman & Wakefield and Colliers International, which did not disclose the identity of the buyer or the price.
Real estate experts familiar with the Rodeo Drive property market said the new owner is Amancio Ortega, who paid Los Angeles landlord the Festival Cos. more than $100 million for the 12,250-square-foot building at 347 N. Rodeo Drive.Festival bought the property for $39 million in 2007, according to public records compiled by Dataquick.
Ortega is one of the world’s richest men. He ranks third on Forbes’ list of world’s billionaires behind Carlos Slim and Bill Gates with a net worth of $57 billion. The reclusive 77-year-old mogul amassed his fortune by building the trendy Zara clothing line.
“Gucci is one of Rodeo Drive’s most enduring brands and this extraordinary flagship store has had a presence on Rodeo Drive since the 1970s,” said broker Stephen Algermissen of Colliers. “Rodeo Drive continues to be among the top luxury retail locations in the world and has seen an extraordinary number of new tenants and remodels over the past few years.”
Recent new arrivals along the world-famous drive, he said, include Burberry, Vera Wang and a Louis Vuitton Men’s Store.