Mackenzie Scott, the ex-wife of Amazon founder Jeff Bezos (Mackenzie Scott), just donated two mansions in the wealthy area of Los Angeles, California. The two homes, valued at about $55 million in total, will be sold to help raise funds for the local construction of affordable housing.
Scott donated the two mansions to the California Community Foundation (CCF), an organization dedicated to giving money to nonprofits in Los Angeles. Jarrett Barrios, senior vice president of CCF, said the organization intends to sell the two homes and use 90 percent of the proceeds to fund affordable housing programs and the other 10 percent for immigrant integration programs.
Barrios added, “Los Angeles has an urgent need for affordable housing related to the homelessness crisis we are going through, and the answer to that is more housing. Scott’s gift will ensure that we are building affordable housing. Annual spending on housing and tenant support has increased substantially."
Scott, who now has a net worth of about $38.2 billion, bought a house he donated to his ex-husband Bezos for $24.4 million in 2007. Ten years later, they bought a second home nearby for $12.9 million. It is reported that the two homes combined have 11 bedrooms, and 13 bathrooms, as well as a swimming pool and tennis court.
In March, Scott disclosed that he had donated nearly $4 billion over the past nine months, including $20 million to CCF to establish the Los Angeles Arts Endowment Fund. The foundation's website states that it will issue grants to small and medium-sized arts organizations in Los Angeles.
It will take a long time to sell the mansions and turn them into usable funds, Barrios said. The CCF needs to market and sell the homes before deciding which organizations will receive annual grants from the proceeds. The group's ultimate goal, he added, is to build affordable housing for low-income people in Los Angeles and to fund housing justice programs that help tenants get information and apply for rental assistance programs.
Paula Valle Castañon, CCF's director of marketing and public relations, said when Scott's donated home will be sold will largely depend on the state of the Southern California real estate market. She said hired real estate agents weren't sure how long it would take for the homes to sell.
Castagnon said: "We are very grateful for Scott's trust in us, and her support will allow CCF to rapidly expand its influence in the community. At the same time, we are also very honored, because she believes that our team is very capable, It is possible to sell two homes worth tens of millions of dollars in the short term.”