The deal
A Beverly Hills, Calif., home has sold for $51.75 million in the city’s most expensive deal since 2020.
The sellers
Investor Stephen Paul, a steel-fortune heir whose family is a limited partner in the Pittsburgh Steelers football team, and his wife, Nancy Paul, listed the house for $62 million in October 2024. Stephen, a descendant of the family that founded the Ampco-Pittsburgh steel company, is a managing principal of Laurel Crown Partners, a Los Angeles-based private-equity firm.
Inside the house
Bedrooms: 5 | Square footage: 12,300
After buying the property for $8.55 million in 2006, the Pauls razed an older house on the site and tapped the late architect Howard Backen to design a new residence.
Backen, who died in 2024, is known for designing Napa Valley wineries and homes for high-profile clients including Jeffrey Katzenberg, who sold his Backen-designed house for $125 million in 2020.
What’s it mean?
The sale is coming amid an uptick in the luxury market. In 2024’s fourth quarter, the number of single-family home sales in Beverly Hills jumped 70.4% from the same period of the prior year, according to real-estate appraisal firm Miller Samuel. The median single-family home sale price rose 21.1% year over year during the same period.
Linda May of Carolwood Estates Represented the Seller.
