Joanne Chao is a high-end real estate developer. She paid $19.5M for this Holmby Hills estate in February 2014 and is currently upgrading and renovating it. The property is located on what is probably the most expensive street in Los Angeles.
Chao also used to own the Brody estate directly next door, which she bought from the Brody family, renovated, and sold to Ellen DeGeneres for almost $40M. She also sold Dr. Phil his current home in Beverly Hills.
This mansion was built by Steven Wallace, the founder of Pacific Brokerage Services, a discount stock broker. Wallace eventually lost the house in the divorce from his former wife Jo Ann Wallace. Ms. Wallace attempted to sell the estate for more than a decade (unsuccessfully) before finally unloading it to Chao.