Billionaire Don Hankey just made an impressive purchase. According to Dirt, Hankey finalized a deal to purchase Carbon beach, which is also known as “Billionaires Beach” for $20.8 million. The name was reportedly derived from the fact that all the residents in the neighborhood are billionaires.
The publication said that for its hefty price, Hankey’s recent purchase doesn’t seem like a real steal. After all, the place appears like an unattractive commercial building or even a mini strip mall.
But despite its facade's appearance, the real beauty of the property actually lies within its four walls. According to the publication, Hankey's latest purchase features three guest apartments, a mid-century main house, and a separate pool house.
On top of this, the property also boasts of two swimming pools with an in-ground spa.
Inside the property are high ceilings, parquet hardwood floors, and two kitchens. There is also an elevator, a fireplace, and a sitting area.
As of late, it is still unclear what the billionaire will do to the place. It is possible that he will use it for business or even for pleasure. But regardless, its prime location is what made it a steal.
Hankey’s recent purchase is the latest addition to his range of lavish properties. And it's not surprising because Forbes estimated his net worth at $3.2 billion.
The majority of his fortune came from providing scores of subprime auto loans to credit-challenged clients.
In recent years, Hankey and his clients have expanded into the insurance and real estate industries.
Hankey also serves as the biggest creditor on The One, a Bel-Air mega-mansion built by Nile Niami.
The billionaire and his corporations also own dozens of investment properties in the greater L.A. area. His wife, Debbie Bowles also maintains a small but lavish array of personal residences, including a titanic mansion near Beverly Hills.
Hankey and Bowles also own a multi-acre vineyard estate in Malibu, directly across PCH from Zuma Beach.
The billionaire also founded the Hankey Group, which includes a real estate firm and a Toyota dealership. On top of this, Hankey also owns auto insurance, a car rental, and dealer software companies.
When he was still young, Hankey lived a very simple life. He worked as a lot boy, and he also polished and washed cars. He eventually worked as a salesman at his father’s Los Angeles Ford dealership.
Hankey has one son, Don Rufus Hankey.