Scooter Braun is a music mogul and celebrity manager. Overall, he helped many music stars become globally famous. This includes Justin Bieber, Ariana Grande, and Demi Lovato. He recently bought a historic building, previously known as the headquarter of the Broad Art Foundation. Braun bought the building in Santa Monica for $25.9 million from Alexander von Fürstenberg.
Scooter Braun Managed to Buy the Building For Less Than the Offered Price
Santa Monica’s building was a previous place where Eli and Edythe Broad hosted their Broad Art Foundation in 1984. Overall, the building is on a good spot and is close to the beach. This place was also the most visited in Los Angeles for many collectors. Interesting is Scooter Braun acquired it for almost 26 million, when the asking price was $32 million. He sure has a talent for management and negotiations.
He acquired it because it represents an “iconic hub for the Los Angeles art community”. The building was first built to serve as a telephone company. After that, the Broad Art Foundation representatives acquired it in the 1980s. They wanted it to serve as a “lending library dedicated to increasing public access to contemporary art through an enterprising loan program”. Since its foundation, the building served as a place where about 500 museums had their exhibitions.
It was also an important research center for modern art, as well as a place where many artists were happy to gather. The Santa Monica building didn’t lose its charm even after the von Fürstenbergs acquired it in 2016. Currently, Scooter Braun, a figure in the music industry, is the owner of the structure famed for its association with the art world.
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Santa Monica Buildind Is a Trophy Building
The brokers of the transaction Drew Meyers and Kurt Rappaport described the building as as a “trophy building”. They represented the Westside Estate Agency through which Braun acquired the building. The building rises to a height of sixteen to eighteen feet. Also, a mixture of gravel and grass paving covers the entirety of the rooftop. It offers stunning all-encompassing views of the ocean and the area nearby.
It seems like Scooter Braun is doing well. He spent $65 million on a house in Brentwood in September 2021. Larry and Kathleen Paul previously were the previous owners of this 19,000-square-foot modern farmhouse house. Also, they built it. They are part owners of the Pittsburgh Steelers football team.
It was the second-biggest residential transaction on Los Angeles‘ Westside and the largest residential transaction in Brentwood’s history. We saw that the building has a great history. It has gone through several ownerships and has been a place where many collections have passed through. It remains to be seen what Braun’s role will be in this story.