Tom Cruise sold this Beverly Hills home to billionaire Leon Black for $38 million in 2016; Black has now sold the 1930s property for about $47 million

A Beverly Hills home once owned by Hollywood actor Tom Cruise has changed hands for about $47 million, nearly a decade after the star sold it to billionaire Leon Black for $38 million in 2016. The property, which dates back to the 1930s, sits on approximately 1.2 acres and includes a main residence spanning around 10,000 square feet. Its latest sale marks another chapter in the history of the estate, which has remained largely out of public view.Tom Cruise’s former Beverly Hills home sold for $47 millionAccording to The Wall Street Journal, Black, the former chief executive of Apollo Global Management, sold the property for approximately $47 million. The buyer’s identity was not immediately known, and the house was not publicly advertised when the deal took place.The sale was handled privately, with local estate agents telling that the property had been quietly offered to potential buyers away from the open market. Linda May of Carolwood Estates and Fred Bernstein of Westside Estate Agency represented Black in the transaction, while the buyer was represented by real estate agent Kurt Rappaport.The latest transaction comes after a decade of ownership by Black and his wife, Debra Black, who purchased the estate through a limited liability company in 2016.What made the property notable during Cruise’s ownershipAs reported by the Los Angeles Times in June 2016, Cruise sold the Beverly Hills estate for $38 million after purchasing it in 2007 for $30.5 million. The actor had acquired the property from real estate developer and agent Kurt Rappaport, completing the purchase through a private transaction.The estate had been quietly offered for sale the previous year, with an asking price of $50 million. Its eventual sale price was therefore below that initial figure.Cruise's decision to sell the property was part of a broader effort to reduce his real estate holdings. The actor had also sold a gated compound in Hollywood Hills West for $11.4 million in 2015. His large retreat in Telluride, Colorado, had also been put on the market around that time. The Beverly Hills property was among the more significant assets associated with the actor's residential portfolio.Inside the 1930s estate and its groundsThe Los Angeles Times reported a gated and landscaped estate centred on a main house measuring more than 10,000 square feet. The residence contained 7 bedrooms, 9 full bathrooms and 35 rooms in total.The grounds offered several amenities, including a swimming pool, a tennis and basketball court, lawns and formal landscaping. Two detached structures also formed part of the estate, while a large motor court provided space for vehicles near the entrance.Why did Leon Black decide to sell the houseBlack and his wife sold the property because they no longer needed it, according to the WSJ. Their two adult children had lived and worked in Los Angeles for a period, but both subsequently returned to New York. As a result, the family had little reason to continue maintaining a large residence in Beverly Hills.Black, who co-founded Apollo Global Management in 1990, stepped down as the firm's chief executive in 2021.The sale comes during a challenging period for Los Angeles propertyThe $47 million transaction stands out against a slower period for the Los Angeles residential property market. Local agents had attributed the slowdown over the preceding year partly to the devastating Los Angeles wildfires and the departure of wealthy residents for states with lower taxes.Against this backdrop, the sale of Black's Beverly Hills estate ranks among the area's larger property transactions in recent months. The estate has passed through two prominent owners over nearly two decades.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.