Paramount’s Brad Grey Buys Frank Sinatra’s Home for $18.5 Million

 Chris Godley

Paramount Pictures CEO Brad Grey has purchased the former Holmby Hills home of Frank Sinatra for $18.5 million, according to real estate industry sources.

The deal for the seven-bedroom residence at 320 N. Carolwood Drive closed in mid-November. It is one of the larger Los Angeles home sales of the year.

The house, situated on 2.3-acres, is located in a prestigious Los Angeles neighborhood that’s long been home to Hollywood luminaries. Neighbors include Danny DeVito and Rhea Perlman, philanthropist Suzanne Saperstein, and television producer Bradley Bell, son of The Young and the Restless and The Bold and the Beautiful creator William Bell.

The property was listed Sept. 8; the identity of the seller is unknown. A spokesman for Grey declined to comment.

According to sources, Grey is a longtime fan of the late singer and spoke with Sinatra’s family, who had not owned the property for years, before buying the house. Grey’s plans for the property are unclear, though he is said to be studying options for preserving at least a portion of the house. At 8,631 square feet, the red brick Mediterranean home is considered by some to be small for the size of property and the neighborhood. The residence is next to Saperstein’s 35,046-square-foot Fleur De Lys estate, which is on the market for $125 million.

Grey first met Sinatra in Buffalo, N.Y., when the mogul, 18 years old at the time, was working as a concert promoter. Grey later connected with Sinatra's family when he was producing The Sopranos -- which used some of Sinatra’s music.

Sinatra bought the house in 1948 for $250,000, according to James Kaplan, author of the recently released Sinatra biography Frank: The Voice. The purchase came during a lull in the singer’s career and during a period of personal turmoil, making his decision to buy the Carolwood property a bit of a head scratcher, Kaplan tells THR.

“It was a fortune in 1948, and he couldn’t afford it. He wasn’t selling records anymore and he had just built this extravagant place in Palm Springs,” Kaplan says. “A lot of it was being closer to MGM and being in this classy neighborhood, closer to Humphrey Bogart and Walt Disney and people like that.”

Kaplan said that in February 1950, Sinatra’s soon-to-be ex-wife Nancy Barbato Sinatra changed the locks at the Carolwood home.

“This was the beginning of the very end of their marriage,” he says. They divorced in 1951.

Features of the sprawling property include an expansive motor court, chauffeur’s quarters and swimming pool. The house has four main bedrooms and a staff wing with three others. It also includes two libraries and a garden room.

Grey, recently engaged to Cassandra Huysentruyt, currently resides in Bel-Air.

Stephen Shapiro, chairman of Westside Estate Agency, who represented Grey, declined to comment. Listing agent Ron de Salvo of Coldwell Banker also declined to comment.

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