Biltmore Estate is selling off its portfolio of luxury properties in the wake of a severe wildfire that has devastated parts of Arizona and California.
The iconic estate, which has owned by the likes of Mark Zuckerberg, has been on a tear since it became a popular destination for holiday homes.
The company said Thursday it would be auctioning off its remaining properties in its portfolio, which includes a large mansion in Beverly Hills and a home in the Los Angeles area.
It has also announced plans to sell its Beverly Hills office complex and the Los Angles office complex.
But those plans have yet to be finalized.
The Biltwell family, which bought the mansion in 1966, said it is committed to the preservation of the property and will be donating it to the U.S. Fish and Wildlife Service.
“Our commitment to the conservation of the site and to its future prosperity remains unchanged and we will continue to work to protect the site from further damage,” Biltofield said in a statement.
Biltmore is currently in a $1.6 billion sale with two major buyers: The Biltman family, who bought the Beverly Hills mansion in 1967 for $1,500,000, and the Biltmans’ sister-in-law, the Tishman Speyer-led group, who purchased the Beverly and the Beverly Ranch in 2006 for $6.9 million.
The Beverly Hills home was built in 1926 and has been described as the home of a great family.