Steven Spielberg bought a 2.8-acre Los Angeles equestrian estate for $5.75 million in 1999; 27 years later, the never-lived-in property returned to market for $29.9 million

Steven Spielberg and Kate Capshaw are selling a Los Angeles property they bought nearly three decades ago. The asking price is $29.9 million. They paid $5.75 million for the 2.8-acre estate in 1999, when they bought it mainly for their horses and the riding opportunities around Sullivan Canyon.

The property has never been the couple’s main home. Instead, it became a private equestrian retreat in the Santa Monica Mountains area. That makes its history a little different from the usual celebrity mansion story. Spielberg bought the land with a particular use in mind, and that purpose has stayed visible through the years.