TBH19 Chapter 7 trustee gets OK to sell property for $63.1 million

By Sarah Lizee

Olympia, Wash., Sept. 22 – TBH19, LLC’s Chapter 7 trustee, Sam S. Leslie, secured court approval to sell the debtor’s property located at 1011 N. Beverly Drive, Beverly Hills, Calif., known as the Hearst Estate, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Central District of California.

Based on the results of an auction held Sept. 14, the successful bidder for the property is Berggruen Holdings Ltd., which has agreed to purchase the property for $63.1 million, up from $47 million originally.

The backup bidders are MBRG Investors, LLC with a purchase price of $63 million and BD NDB, LLC with a purchase price of $56.2 million.

The sale will result in the bankruptcy estate receiving a carveout of about $2.82 million, as previously reported.

TBH19 is a Los Angeles-based investment company. The company filed bankruptcy on Nov. 24, 2019 under Chapter 11 case number 19-23823. The case was converted to Chapter 7 on Feb. 2, 2021.

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