Home News MacKenzie Scott donates Beverly Hills mansions for affordable housing

MacKenzie Scott donates Beverly Hills mansions for affordable housing

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Billionaire Mackenzie Scott, in her ongoing crusade to donate at least half of her wealth, is now donating the mansion to charity.

Scott recently donated two homes in Beverly Hills, California to the California Community Foundation (CCF), which provides grants to mission-based nonprofits in Los Angeles. In total, the organization plans to sell both homes worth $55 billion, with 90% of the proceeds going to fund affordable housing initiatives, he said, CCF’s senior vice her president. says Jarrett Barrios.

The remaining 10% will go to immigration integration programs, he adds. “Los Angeles has a great need for affordable housing related to the homeless crisis we’re going through, and the cure for homelessness is home,” Barrios told CNBC Make It. [gift] We guarantee a significant increase in your annual spending on building homes and supporting tenants. “

The deal was completed last weekend after Scott began the process of donating the mansion last month.

scott net worth It was $38.2 billion as of Tuesday afternoon. one of the houses with ex-husband Jeff Bezos for $24.4 million in 2007 second home, just down the street, was $12.9 million 10 years later. According to Zillow, the homes have 11 bedrooms, 13 bathrooms, a pool and tennis courts.

Scott did not immediately respond to CNBC Make It’s request for comment. disclosed Made nearly $4 billion in charitable giving in the last nine months.it included $20 million to CCF to establish LA Arts Endowment Fund Foundation websitewhich issues grants to small to medium-sized arts organizations in Los Angeles.

“When our donation team focuses on a system that people are suffering from, I don’t think we or any single group knows how to fix it. written on medium March. “Instead, we are looking for a portfolio of organizations that help all people participate in solutions. This means focusing on the needs of people whose voices have been underrepresented.”

It will take some time for the mansion to turn into usable money, and Barrios says the CCF will have to market and sell the homes before deciding which organizations receive annual subsidies from the proceeds. The organization’s ultimate goal is to build and maintain affordable housing units for low-income Los Angeles residents and to fund the Housing Justice Program to help tenants access information and apply for rental assistance programs. is to

Much of the timeline will depend on the volatility of the Southern California housing market, says Paula Valle Castagnon, CCF’s director of marketing and communications. She says the realtors she hired aren’t yet sure how quickly the house will sell.

“We are grateful to MacKenzie Scott for investing in our community. Her partnership allows CCF to expand our reach in the community,” says Castañon. “But we were also honored that she felt our team was competent and that she had the ability of her CCF to maintain and sell her two multi-million dollar homes. think.”

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