Fanatics CEO Michael Rubin spends record $70 million on Ronald Reagan’s former home

Hollywood Hills just saw its priciest home sale ever. In the Bird Streets, a property once owned by Ronald Reagan has traded hands for $70 million — by far the most ever paid for a home in the neighborhood.

The buyer is Fanatics Chief Executive Michael Rubin, according to a source familiar with the deal who asked not to be identified because they aren’t authorized to speak publicly. Fanatics is a sports e-commerce company valued at $27 billion, and Forbes puts Rubin’s net worth at $10.2 billion.

Records show the seller is a limited liability company tied to Francesco Aquilini, a Canadian businessman and developer who serves as chairman of the Vancouver Canucks NHL team. Aquilini has been on a hot streak in Hollywood Hills over the last few years; he set the neighborhood’s previous price record in 2020 when he sold a spec mansion to Jeffrey Gou, film producer and heir to the Foxconn fortune, for $42.5 million.

Previous listings reveal the property was once home to Ronald Reagan and his first wife, actress Jane Wyman. Photos are scarce since the house was never officially listed for sale, but aerial shots show that the home underwent a significant remodel in recent years.

The reason for the record-setting price is the property’s rare location. Spanning three-quarters of an acre, it’s perched on the edge of a knoll just above the Sunset Strip with virtually nothing obstructing its view of the city.

Records show it holds seven bedrooms and 12 bathrooms across three stories. When the house last traded hands for $8.5 million in 2012, it featured a movie theater, library, wine cellar, tennis court and Balinese-inspired swimming pool.

The $70-million deal redefines the top of the market in Hollywood Hills, which always saw high-profile deals but never quite reached the blockbuster levels of neighbors such as Beverly Hills or Bel-Air.

It ranks as Southern California’s third-priciest sale so far this year. The top spot belongs to The One, a 105,000-square-foot mega-mansion that was auctioned off for $141 million, followed by Robbie Williams’ compound in Beverly Crest, which Drake bought for $75 million.

Branden and Rayni Williams of the Beverly Hills Estates held the listing. Kurt Rappaport of Westside Estate Agency represented Rubin. None could be reached for comment.