Jim Belushi Hosts Marijuana Promotion Party At His $35 Million Mansion That’s Currently For Sale (35 Photos)
May 7, 2018 by Billionaire Addresses
Jim Belushi’s $38.5 million Los Angeles mansion was the setting last Tuesday night for Green Table Global’s latest exclusive dinner, where about 150 people mingled in the huge backyard.
Green Table hosts events to bring together wealthy investors and cannabis entrepreneurs. It is one of the many after-parties surrounding the Milken Institute Global Conference, which it’s website states,
For more than two decades, the Milken Institute has built solid, meaningful relationships with ultra-high-net-worth individuals and families from around the globe. We partner with them to generate consequential research and convene panels, meetings, and workshops focused on their familial and philanthropic goals. The Family Program creates a private, shared learning environment which gathers family principals to connect on critical issues, such as understanding successful intergenerational transfers of wealth and values; teaching children about money, privilege, and responsibility; leveraging philanthropy as a teaching tool; and more. Each year at Global Conference, Richard Ditizio, president and chief operating officer of the Milken Institute and former CEO of Citi’s U.S. Private Bank, leads our discussion among a select group of prominent families and individuals who are shaping the currents and conversations around these issues.
So what a better place to throw a party than at a $35 million estate! Read more about the party further down.
“So nice to host all you gentlemen and ladies in the money honey business,” Belushi said in his opening remarks after treating seated diners to a song and a few jokes. “You’re going to make money in this space. But you’re going to have a sense of healing our community. You’re going to have a sense of doing something really important — and making money.”
Belushi, 63, the younger brother of the late John Belushi, was speaking from personal experience as he, himself, owns a farm in Oregon where he grows cannabis. He started his ‘Vault’ dispensaries this year and plans to launch a brand of pot in the near future. He decided to name it after the Blues Brothers, the musical duo originally played by his brother and Dan Aykroyd.
“I believe in this medicine,” Belushi said. “I’m a celebrity. I could be arrested immediately – and I want to be, by the way, because I want to send the message out that this helps take opioids off the street.”
During cocktail hour, attendees had the choice of a typical bar or cannabis-infused coconut water. Drinks were then followed by a seated dinner, during which six cannabis companies presented to the crowd of potential investors. Presenters ranged from a private equity fund to an edibles maker and even the company behind Willie Nelson’s pot brand. Samples were passed to each table.
Green Table co-founder Gregg Schreiber said in his opening remarks. “We are here tonight to promote cannabis and to promote the financial aspects of cannabis and why more than ever right now this is a very important time with what’s going on in this industry.”
Schreiber worked on Wall Street for 25 years, including seven years at Lehman Brothers Holdings Inc. and 14 years at Bear Sterns Cos., before deciding to join the Green Rush.
Jim Belushi’s house was built in 2010 and has been for sale for over 220 days. It sits on 1.32 acres and is 11, 821 square feet. It has 6 full, 3 three-quarter, 2 half baths.
It is currently listed with Los Angeles premier property sellers, Hilton & Hyland.
Hilton and Hyland is one of the preeminent residential and commercial Real Estate brokerages in Los Angeles’ exclusive luxury market. The firm was founded by two of the most successful executives in the Beverly Hills real estate community, Rick Hilton and Jeff Hyland. Hyland is one of the founding members of Christie’s International Real Estate and serves on the Advisory Board.
Cannabis is legal for recreational use in California and eight other U.S. states. It’s allowed for medicinal use in 20 additional states. According to investment bank Cowen & Co., the market is expected to reach $75 billion in the U.S. by 2030, up from $6 billion in 2016. Still, the plant is illegal under federal law, meaning institutional investors have largely steered clear, for now that is.
Because Belushi’s dinner Tuesday was timed around the Milken conference in Beverly Hills, it allowed for guest appearances from big names including Kevin O’Leary of TV’s “Shark Tank” and U.S. Representative Tim Ryan, an Ohio Democrat.
O’Leary was met with skepticism after suggesting that the industry should split medicinal and recreational companies and push for legalization of medical marijuana. Sovereign and institutional funds won’t invest unless its sanctioned federally, which is easier to achieve on the medicinal side, he said.
Ryan’s speech was greeted more favorably after he cited the potential for the legal marijuana industry to boost local economies. His district has been hit hard by the opioid epidemic and job losses. Ohio recently approved a medical cannabis program.
“We’re seeing a lot of opportunity in communities that haven’t seen opportunity for this kind of job creation in a long time,” the congressman said.
The official listing of Jim Belushi’s Brentwood, CA., compound says:
Celebrity Estate Compound “Villa Burlingame”. Sited behind gates, on a rare double lot of over 1.3 acres, lies a stunning Mediterranean Estate. Completed in 2010, the fruit of collaboration by two of the greatest aesthetes of our age: architect Oscar Shamamian and designer Michael Smith. Off a cobblestone driveway, and generous motor court, this Provencal/Italianate estate offers 6 bedrooms and 11 bathrooms, including a detached guest house, and pool house. Public rooms finished in Venetian plaster exude a relaxed elegance. A full-size pool, pool house, Jacuzzi and cold plunge invite relaxation and recreation in the serene gardens. Details were sourced the world over, including: reclaimed roof tile from Venezuela, reclaimed fireplace mantles and tile floors of Italian Terra cotta, custom ironwork, Moroccan glazed bathroom tiles and hand-hewn American hardwood flooring. Additional amenities include a screening room, sauna, walking paths, 2 outdoor fireplaces, and outdoor dining.
We thank MLS for the images and StarAdviser for the story.
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