Phoenix Pictures Chairman and co-founder Mike Medavoy and his wife, Irena, have purchased a Beverly Hills home for $5.85 million, the Multiple Listing Service shows.
The contemporary Mediterranean, built in 1965, has four bedrooms and seven bathrooms in about 6,200 square feet. Double doors flanked by columns open into a rounded living room.
The property previously sold for $5.6 million in 2008 and had come on the market in February at $7.99 million.
The film producer had listed his custom-built Beverly Park mansion in March but withdrew it after a month and a half.
"We can't find anything we like out there more than where we are now," Medavoy said at the time. The six-bedroom, 10-bathroom East Coast traditional had been priced at $19,995,000.
In addition to being the Medavoys' family home for the last decade, the 11,769-square-foot residence on 2 acres had been used extensively for entertaining.
The Medavoys have transferred the deed on that house, but details of the transaction were not available.
Medavoy, 68, co-wrote the book "American Idol After Iraq: Competing for Hearts and Minds in the Global Media Age" with Nathan Gardels and has been at work on the movies "Shutter Island," directed by Martin Scorsese and starring Leonardo DiCaprio, and "Black Swan," directed by Darren Aronofsky and starring Mila Kunis and Natalie Portman. Both are due out next year.
The Medavoys were represented by Joyce Rey and Jade Mills of Coldwell Banker, Beverly Hills, on their recent purchase, according to the MLS, and the listing agents were Lou Melazzo and Stephen Resnick of Westside Estate Agency, Beverly Hills.