Peter Thiel Purchases Casa Encantada in High-Profile Auction

By the Editorial Team · Friday, October 2, 2026

Technology entrepreneur Peter Thiel acquired the historic Casa Encantada estate in Bel-Air for $130 million through a foreclosure auction in July. This purchase ends a lengthy financial dispute tied to the late financier Gary Winnick and signals Thiel’s intention to invest in renovating one of Los Angeles's most iconic luxury properties.

Casa Encantada, a historic Bel-Air estate renowned as one of Los Angeles’s most opulent residences, was sold for $130 million in July during an unconventional foreclosure auction, according to individuals familiar with the transaction. The auction took place outdoors at Pomona’s Civic Center Plaza, where an auctioneer conducted the sale in a casual setting that contrasted sharply with the estate’s storied past.

The winning bid was made by a limited liability company linked to technology entrepreneur Peter Thiel, known for co-founding Palantir Technologies and PayPal, and for being an early investor in Facebook. Thiel, who was born in Germany and recently moved his primary residence from California to Miami, reportedly had been pursuing the property for several months prior to the auction. Sources indicate that while Thiel does not plan to reside at Casa Encantada, he views the estate as an investment and intends to undertake renovations.

The residence, built in the 1930s, spans approximately 40,000 square feet and includes seven bedrooms situated on roughly 8.5 acres. Casa Encantada has a notable history of setting records for private home sales in the United States, initially selling for $12.4 million in 1980 and later for $94 million in 2000.

The sale concluded a prolonged and highly publicized foreclosure dispute linked to the late financier and telecommunications figure Gary Winnick and his wife, Karen Winnick. Gary Winnick, founder of Global Crossing, a company known for laying global undersea fiber-optic cable, was once considered among Los Angeles’s wealthiest individuals. Following his death in 2023, it emerged that Winnick was facing significant financial difficulties, including substantial debt, which ultimately led to the foreclosure proceedings.

Casa Encantada’s acquisition marks a notable moment in Los Angeles’s luxury real estate market, underscoring the evolving landscape of ownership among high-profile estates. The upcoming renovations under Thiel’s ownership are expected to enhance the property’s long-standing architectural significance and market value.

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