Billionaire Peter Thiel Is Behind the $130 Million Purchase of Casa Encantada

by Katherine Clarke

Casa Encantada, the circa-1930s Bel-Air estate once prized as one of Los Angeles’s grandest homes, changed hands for $130 million in July in a decidedly ungrand auction: behind a nondescript fountain at Pomona’s Civic Center Plaza, where an auctioneer, clad in denim pedal pushers, conducted an open-air foreclosure sale.

The winning bidder, whose identity has remained a tightly held secret in the months since the auction, was a limited liability company with ties to technology billionaire Peter Thiel, according to people familiar with the situation.

Thiel, an entrepreneur and a venture capitalist who co-founded Palantir Technologies and PayPal and was the first outside investor in Facebook, had eyed the storied, 40,000-square-foot estate for months before the auction, the people said.

The deal adds another trophy property to the 58-year old’s extensive real-estate portfolio, which includes homes in Washington, D.C., Miami, and Buenos Aires, Argentina, as well as a compound in Hawaii. He also has property in New Zealand, where he holds citizenship. Thiel, who was born in Germany, relocated his primary residence to Miami from California late last year, according to a person familiar with the situation.

NEW YORK, NY - NOVEMBER 01: Peter Thiel, Partner, Founders Fund, speaks at the New York Times DealBook conference on November 1, 2018 in New York City. (Photo by Stephanie Keith/Getty Images) — Thiel is the billionaire co-founder of PayPal and Palantir. (Stephanie Keith/Getty Images)

Aerial Shot of Luxury Estate Mansion and Green Grounds — The property has views over the Bel-Air Country Club. (Simon Berlyn)

Thiel doesn’t intend to live at Casa Encantada, but views it as an investment property and will be upgrading it, the person said.

The roughly 8.5-acre estate has seven bedrooms. It twice set the record for the most expensive private home ever sold in the U.S., first for $12.4 million in 1980 and again in 2000, for $94 million.

Formal Living Room with Crystal Chandelier and Antique Seating — The Winnicks spent more than two years and millions of dollars renovating the property after their purchase in 2000. (Simon Berlyn)

Formal Dining Room with Long Polished Table and Crystal Chandelier — The interiors were designed by Peter Marino. (Simon Berlyn)

The sale of Casa Encantada marked the end of a saga that captured the attention of the L.A.’s social elite.

Wood-Paneled Executive Office and Lounge with Large Windows — (Simon Berlyn)

Elegantly Appointed Master Bedroom Suite with Sitting Area and Terrace — (Simon Berlyn)

Resort-Style Backyard Swimming Pool and Pool House — (Simon Berlyn)

Wood-Paneled Game Room with Billiard Table and Poolside View — (Simon Berlyn)

The longtime home of the late financier and telecom mogul Gary Winnick and his wife, Karen Winnick, the property was the subject of a contentious foreclosure battle after Gary’s death in 2023.

NEW YORK, NY - MAY 31: Karen Winnick and Gary Winnick attend the 2018 MoMA Party In The Garden at Museum of Modern Art on May 31, 2018 in New York City. (Photo by Paul Zimmerman/WireImage) — The Winnicks, pictured in 2018, owned the home for more than two decades. (Paul Zimmerman/WireImage)

Gary, who founded Global Crossing with a promise to lay undersea fiber-optic cable around the world, was once said to be L.A.’s richest man. After his death, it became clear that he was severely strapped for cash and deeply in debt.

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