BEVERLY HILLS—Gateway Inc. co-founder Ted Waitt has purchased a $10.3 million home in the most in Beverly Hills.

Waitt’s new home was built in 1951 and designed by Gerard Colcord, also known as, “Hollywood’s society architect.” Colcord built over 300 homes in the wealthiest real estate hubs of Beverly Hills and Bel Air.

The Sotheby’s International Realty’s listing agents of the 6,700-square-foot home were Andrew Clark and Barry Peele.

Gateway Inc. co-founder and billionaire, Ted Waitt.
Gateway Inc. co-founder and billionaire, Ted Waitt.

The mansion features six bedrooms and seven baths, as well as a garage with guest quarters, which underwent remodeling 10 years ago. There is also an outdoor pool, along with a pool house and a sizable lawn.

Among being featured on several Forbes lists touting his wealth since his founding on Gateway Inc. with partner Mike Hammond in 1985, Ted Waitt has also been named among  “America’s Top 50 Philanthropist” in Business Week. He is also the founder of the Waitt Foundation which, according to its website, mission is to, “ protect and restore ocean health.”

Waitt’s new property sold a half of decade ago for $7.35 million.