Iris and Michael S. Smith are apparently very serious about selling their longtime Beverly Hills (adjacent) home. First offered for sale less than a month ago at $75 million, the long-married power couple—he’s an oil and gas tycoon who sports a $3 billion net worth, per Forbes—has already tanked the estate’s asking price down to just under $50 million.
That newly slashed number is still far more than the $15 million the Smiths paid Ricky Martin for the Tuscan villa-inspired place nearly 20 years ago, back in 2006, an amount equivalent to roughly $24 million in today’s money. But the couple did give the property an extensive multi-year overhaul, inside and out, per the listing. Set on 2.3 hyper-manicured acres, the main house measures in at more than 9,000 square feet and is fronted by a very long driveway and motorcourt with room for 20+ cars.
Though the existing house was actually built in the early 2000s, the property itself dates back decades and has some interesting Hollywood lore. Although we were unable to validate this, the listing claims the previous house on the land was once owned by Doris Day’s family. By the mid-1970s, property records confirm the estate had passed to “Alfie” and “The Dark Knight” actor Michael Caine, who continued to own the place until the late 1980s. Martin picked up the then-newly built house in 2004, but the “Livin’ La Vida Loca” singer only owned it for 18 months before flipping it at a $4 million profit to the Smiths.
Guests and vendors alike will be wowed from the start; the cobblestone front driveway is flanked by colorful flowers, cylindrical trees and set off by a big white driveway gate. The driveway passes a separate sub-driveway and a security building—yes, the Smiths employ private bodyguards—before it reaches the main house, where there are grassy lawns and a two-car attached garage.
Grand in scale and design, the six-bed, 10-bath home’s interiors hark back to 2000s-era unrestrained opulence: there’s a great room that combines the kitchen, living, and dining areas into a single open space, plus a 12-seat movie theater with two dedicated powder rooms, an upstairs primary suite with a private balcony and sitting room, several marble bathrooms, and city or garden views from nearly every room.
There’s also a backyard swimming pool and a detached pool house—currently configured as a state-of-the-art gym—alongside verdant rose gardens and a long patio ideal for sunbathing. Naturally, an estate of this caliber also includes a full-size tennis court, lighted for nighttime play, and a viewing pavilion.
But the star of the property show here are those panoramic views, which sweep over the L.A. basin far below, on their way out to the Pacific Ocean.
In recent years, the Smiths have become widely known for their jet-set and unabashedly lavish lifestyle. And they don’t just employ private security guards—they’ve also previously recruited private firefighters, a profession arguably made famous by early clients like Kim Kardashian and Kanye West. In the aftermath of the 2025 Palisades wildfires, the New York Times published an article about ultra-affluent Palisades homeowner hiring teams of private firefighters to protect their homes. The article featured a photo of one particular Palisades house protected by those private firefighters; while the NYT article did not name the owner of the property, we do know the $13.2 million mansion in question has long been owned by 42-year-old Kaily Smith, the younger of Michael and Iris Smith’s two adult daughters.
In addition to their for-sale 90210 digs, the Smith family—who were previously long based in Colorado—maintain a main residence in Miami, Florida. But they also still own the record-breaking $110 million Malibu vacation mansion they bought from Hard Rock founder Peter Morton several years ago and subsequently overhauled. Located on Carbon Beach, that walled and gated compound fronts bustling Pacific Coast Highway.
The Smiths also keep a $110 million vacation home over on the East Coast, in the Hamptons, where in they reportedly outbid hedge fund billionaire David Tepper for this waterfront Lily Pond Lane, East Hampton estate.
