Los Angeles 2028 chairperson Casey Wasserman has sold a mansion in Beverly Hills for $68 million (£55.1 million/€60.5 million).
According to the Los Angeles Times, it was sold to the founder of American film production company DreamWorks, David Geffen.
The property had been initially posted at a sale price of $82.5 million (£66.8 million/€73.5 million) in January before Geffen bought it.
The entertainment magnate recently sold the Jack Warner Estate in Beverly Hills to Amazon founder and world's richest person Jeff Bezos for a California-record $165 million (£134 million/€147 million).
Both sales are the most expensive single-family home transactions in Los Angeles County this year.
Wasserman is the grandson of the late Hollywood studio head and talent agent Lew Wasserman.
Stephen Shapiro of Westside Estate Agency was the listing agent and Kurt Rappaport of Westside Estate Agency represented Geffen in the deal.
The modern mansion was designed by architect Richard Meier and sits on a 3.25-acre knoll on North Foothill Road, once owned by Lew Wasserman.
It is made of stone, glass and white oak and has automated steel doors, open-concept living spaces, a movie theatre and an art studio.
There are six bedrooms and 14 bathrooms in the mansion, with two staircases and a lift connecting the three floors of the home.
Wasserman successfully led Los Angeles' bid for the Games and now chairs the Organising Committee.