Peter Morton Dumps Chunk of Holmby Hills Compound (EXCLUSIVE)

Hard Rock Cafe co-founder Peter Morton has sold a small chunk of his deluxe compound in a particularly plush pocket of L.A.’s high-toned Holmby Hills ’hood for $4.5 million after just two months on the market — albeit settling for a whopping $1.5 million less than the nearly $6 million he was asking. Purchased per property records by the art-minded restaurateur and real estate investor in September 2010 for $3.75 million, and next door to a 1.3-acre spread he’s owned since the mid-1990s when he scooped it up from former Warner Bros. co-CEO Robert Daly, the terra-cotta tile-roofed, circa-1930s Mediterranean villa provides four bedrooms, with the master and two family bedrooms on the upper floor, plus a staff suite on the main floor, and 3.5 bathrooms, as well as five fireplaces in a bit more than 4,800 square feet. The three-story residence, tightly nestled on a slender, 0.22-acre parcel and surrounded by considerably more substantial estates that typically sell in the tens of millions dollars, offers generous formal living and dining rooms, a cozy library, lower-level den and an eat-in kitchen that adjoins a family room that opens to a walled courtyard and swimming pool.

Morton, who sold his stake in the Hard Rock chain in 1996 for $410 million in cash, has long maintained an impressive property portfolio that, in addition to his 13,000-plus-square-foot Holmby Hills manse, includes a wood and glass contemporary compound on three lots along Malibu’s billionaire-lined Carbon Beach, as well as a one-bedroom condo at the celeb-stacked Sierra Towers complex in West Hollywood he quietly picked up earlier this year for just under $2 million.

listing photos: Westside Estate Agency

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