HOUSE OF THE DAY: Paramount CEO Brad Grey Is Selling His Bel Air Mansion For $27.5 Million

Paramount Pictures Chairman and CEO Brad Grey is selling his 10,600-square-foot Bel Air mansion for $27.5 million, according to The Wall Street Journal.

Grey originally bought the home back in 2009 for $22 million, but he and his new wife Cassandra Grey have decided to build a modern mansion on the former Frank Sinatra estate in Holmby Hills he also owns - and had previously listed last year.

Grey's broker Stephen Shapiro of the Westside Estate Agency told The WSJ the $5.5 million price jump comes from work Grey has done on the home, including re-landscaping, renovating the dining room, and adding a sitting room upstairs.

The white-brick house sits on 1.1 acres of land, with five bedrooms and eight bathrooms. It's also surrounded by tall hedges rising 20 to 50 feet, and has a terraced pool area in the backyard.