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Celebrity manager Scooter Braun, known for representing top musical talents such as Justin Bieber and Ariana Grande, has purchased the former Broad Art Foundation building in Santa Monica. The building was sold by a limited liability company linked to the family of fashion designer Diane von Furstenberg, who purchased it for $16.5 million in 2015. The four-story building, which was previously home to the Broad Art Foundation, was listed for $32 million and was quietly on the market for several months. Drew Meyers and Kurt Rappaport of Westside Estate Agency brokered the deal.
Despite the asking price of $32 million, Braun managed to broker a deal for $25.9 million, leveraging his expertise in negotiating lucrative deals for his clients to secure the historic property. Braun was reportedly drawn to the building because of its status as an “iconic hub for the Los Angeles art community."
Built in the late 1920s for a telephone company, the brick and terra cotta structure was acquired by The Broad Art Foundation in 1984. The Foundation turned the building into a “lending library” for contemporary art collections, giving museums and art institutions direct access to important private works of art and allowing the public to enjoy them. The building also served as a center for contemporary art research and study, hosting exhibitions and remaining a gathering place for artists in Los Angeles.
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Braun, who is no stranger to luxury real estate, paid more than $62 million for a modern mansion in Brentwood in 2021. His music-management company, Ithaca Holdings, was sold to a South Korean media company for more than $1 billion the same year.
Meanwhile, von Furstenberg, a Belgian-born designer and entrepreneur, launched her business in the early 1970s with her famous wrap dress and has become an icon in the fashion world.
Described as a “trophy building” by brokers Drew Meyers and Kurt Rappaport of Westside Estate Agency, the four-story property boasts almost 24,000 square feet and features soaring ceilings of 16 to 18 feet. Located directly across from Venice Beach, the rooftop offers breathtaking panoramic views of the ocean and the surrounding neighborhood, with a mix of gravel and grassy paving providing the finishing touch.
