Brad Pitt invests $40m in Carmel estate that sits perilously close to a seaside cliff

The cliffside property was previously owned since 1999 by an LLC linked to Chicago Research and Trading founder Joe Ritchie, who died earlier this year. The sale reportedly marks one of the most expensive real estate deals ever made in the Carmel area, where the former beachside home of Golden Girls star Betty White sold last April for ​​$10.775 million, at $2.825 million over the asking price.