Guess Inc. cofounder and former chief executive officer Paul Marciano has just parted with his opulent Mediterranean-style Beverly Hills estate complete with a wine and cigar lounge for just over $18 million.
The denim mogul paid around $5 million for the six-bedroom, 9,142-square-foot estate set on over an acre of land close to two decades ago, according to the Los Angeles Times. He first listed it for sale in February 2016 with a $20 million price tag and had been recently renting it out for as much as $55,000 a month.
As well as a lower level wine and cigar lounge, the estate, which was built in the late Eighties, boasts a double-gated entrance, a vast second floor master suite with a balcony overlooking manicured grounds and separate staff quarters with two bedrooms. Elsewhere, there is a pool and tiled spa surrounded by trees and a motor court.
Marciano founded the $2.2 billion Los Angeles-based fashion empire in 1981 alongside his brothers Georges, Armand and Maurice. He stepped down as ceo in 2015 but is still heavily involved in the brand as executive chairman and chief creative officer.
Marciano recently masterminded the brand’s spring 2018 campaign, which stars multihyphenate Jennifer Lopez. It marked the first time the superstar and the brand have worked together.