Entertainment mogul Jeffrey Katzenberg has sold his Beverly Hills home for $125m, forging one of the priciest real-estate deals ever closed in the Los Angeles area.

The property was never officially on the market. Katzenberg and his wife Marilyn Katzenberg “had been looking to downsize for some time, and received an offer they couldn’t refuse,” said their spokesman. “They will stay in the house for another six months, and plan to remain in the immediate neighbourhood.”