Tom Gores is the founder, chairman, and CEO of Platinum Equity but he’s perhaps more familiar to those in the Detroit, Michigan area as the owner of Palace Sports & Entertainment. Included in PS&E is the NBA’s Detroit Pistons and their home arena, The Palace of Auburn Hills.
When you are comfortably placed on the Forbes 400 list and have a net worth of over $2 billion getting your team a plush, new locker room is no big deal. Neither is funding a $13-$15 million renovation project for other areas of The Palace of Auburn Hills. It also allows you to live in pretty fancy home.
The 11,000 square-foot estate features six bedrooms, eight bathrooms and sits on a double lot within the desired Los Angeles gated community, The Mulholland Estates. The downstairs includes a screening room, wood-paneled library and arched glass doors opening to a grand yard with saltwater pool and spa, along with gazebo with built-in barbecue.
The second level features five ensuites, including a large space with built-in cabinetry for a playroom/family room option. The master suite comes fully equipped with fireplace, two walk-in closets, private office, large terrace and marble bath spa.
Trulia has passed along a few photos from their extensive gallery, showing what nearly $11 million can get you in the famous 90210 zip code.
Not a bad return on their investment for Tom and wife Holly, who purchased the home for just under $5 million in 1999.