ShapeShift CEO reportedly spent nearly $10m on custom-built mansion in Los Angeles

A mansion in Los Angeles built by the late Lakers basketball Wilt Chamberlain has reportedly been sold to ShapeShift CEO Erik Voorhees for $9.7 million.

A Los Angeles-based mansion once owned by basketball player Wilt Chamberlain has found a new buyer in ShapeShift CEO Erik Voorhees, who bought the estate for $9.7 million, Robb Report has learned. While the figure falls short of the initial asking price of nearly $19 million, it still represents a significant profit for the previous owner, Dmitri Novikov, who previously acquired the property for $6.7 million in 2008, the report notes.

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The residence, constructed over five decades ago, is situated atop a gated, 2.5-acre hillside parcel in Bel Air, a ritzy residential enclave popular with celebrities and entertainment industry elite. Designed by architect David Tenneson Rich, the property, known as “Ursa Major,” underwent a significant remodel in 2008 under Novikovs ownership, which included updates to the kitchen and lower level.

The grand entrance, marked by a stone walkway over a water feature, leads to a soaring great room, which features a 40-foot cathedral ceiling and a sunken conversation pit warmed by a fireplace. The property also features a gourmet kitchen with high-end appliances and a floating staircase leading to the master retreat on the second floor, the report says.

Voorhees, whose net worth was estimated at $30 million in August 2023 according to data from Bitkan, joins a growing list of crypto entrepreneurs investing in Bel Air real estate, following a series of both rallies and busts in the crypto market. For instance, Coinbase CEO Brian Armstrong also reportedly purchased a $133 million Los Angeles mansion in January 2022.