Snapchat’s CEO finally closes on a $120 million Los Angeles estate after nearly two years.

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Even though there has been much press about the acquisition since early 2021 or possibly even late 2020, it is only now that property records show Snapchat millionaire Evan Spiegel has finalized the purchase of his new Los Angeles residence. The deal was signed for $120 million, with a $50 million mortgage serving as the purchase price.

The site is currently undergoing a multi-year reconstruction, which is the cause of the abnormally long escrow period. Presumably, there were some building phases that had to be finished before Spiegel would take legal possession of the location. The co-founder and CEO of Snap Inc. spent an additional $25 million on a smaller piece of land next to the $120 million main property last May, making the total cost of the estate $145 million.

Behind only other tech billionaire purchases like Marc Andreessen’s $177 million Malibu spree and Jeff Bezos’ $165 million Beverly Hills residence, this stratospheric sum is among the highest amounts ever paid for a California home. It is also not far behind the $150 million media heir Lachlan Murdoch spent on the Chartwell estate in Bel Air.

Spiegel’s new $145 million compound, which spans four contiguous acres and is located in the heart of Holmby Hills directly across from the Playboy Mansion, was sold to him by British billionaire Ian Livingstone, who bought the two-parcel estate in two separate deals in 2014 and 2017, for a total of $72 million. After combining the two homes into one enormous estate, Livingstone started an extensive rebuild that is thought to have cost tens of millions of dollars before selling the property to Spiegel. Few further images or details are available because the house is still under construction.

Snapchat’s stock price recently plunged to a low of less than $10, and Spiegel’s personal net worth dropped to just $2.6 billion as a result of both sagging revenue growth internally and a fragile U.S. economy. However, when this purchase was finalized in early 2021, Snapchat stock was trading at all-time highs, and Forbes estimated that the 32-year-net old’s worth was more than $10 billion.

Spiegel and his wife Miranda Kerr are currently residing in a $12 million mansion in Brentwood that was originally owned by Harrison Ford while they wait for the construction of their new Holmby Hills estate. The couple also owns an $30 million villa in Paris, France, a grape estate in Australia, Kerr’s native country, and a Malibu beachfront getaway. Spiegel, who grew up in the affluent Pacific Palisades area of Los Angeles, still owns his gorgeous $3 million villa on a residential street in Brentwood.

Stephen Resnick and Jonathan Nash of Hilton and Hyland served as the listing agent for the massive Holmby Hills transaction. Drew Fenton of Hilton and Hyland also represented the buyer.

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