Two houses in Beverly Hills — owned by philanthropist MacKenzie Scott — will be sold, with the proceeds going toward affordable housing projects and an immigrant integration program in Los Angeles.
Scott donated two Beverly Hills homes valued at $55 million to the California Community Foundation, which will sell the homes to fund affordable housing projects in Los Angeles. Scott is a novelist and former wife of Amazon owner Jeff Bezos.
The California Community Foundation is a nonprofit that aims to create positive systemic change in communities by supporting programs in education, housing, health and other initiatives.
About 90% of the proceeds will go toward affordable housing projects, and the rest will go toward an immigrant integration program in Los Angeles
Scott, a novelist and the former wife of Amazon owner Jeff Bezos, announced the donation of the homes valued at $55 million to the California Community Foundation earlier this month.
The Los Angeles-based CCF nonprofit aims to create positive systemic change in marginalized communities by supporting programs in education, housing, health and other initiatives in LA.
A CCF official told Spectrum News on Monday that the homes have not been sold or listed as of yet. The spokesperson did not disclose the addresses of the houses.
“We applaud and are grateful to MacKenzie Scott’s extraordinary philanthropic investment in Los Angeles,” said Antonia Hernández, president and CEO of CCF, in a news release. “Her singular commitment — here and across the country — to transformative philanthropy has already secured the long-term future of dozens of nonprofits. With the California Community Foundation, her generosity will support organizations struggling to solve some of the most intractable issues facing our community. We are grateful for her partnership.”
Scott’s donation is the second to CCF in as many years.
In 2021, Scott donated $20 million to the nonprofit to create the LA Arts Endowment Fund. The fund would support and fund diverse and small to midsize art organizations.
The CCF official said once the Beverly Hills homes are sold, the sale proceeds will be earmarked to the nonprofit’s housing and economic opportunity program. The program provides grants and loans to nonprofits or developers to build affordable housing across the Los Angeles region.
About 90% of the sale proceeds will go toward affordable housing grant-making. Meanwhile, CCF will allocate the remaining funds to support its immigrant integration program to advance opportunities for immigrants throughout LA County.