A mega-mansion in Los Angeles, California, which sellers have dubbed “America’s most expensive residence,” has sold for $126 million, a fraction of its original $500 million asking price.
The mansion, which was described as “twice the size of the White House,” was sold at a bankruptcy auction on Thursday. The property was both ridiculed and praised.
While real estate agents claimed it was the ultimate home, it’s also been blasted as “a giant white elephant” and “one of the ugliest houses I’ve ever seen.”
the New York Post has written that the property is “the latest example of a hyped Los Angeles mega-mansion that has failed to deliver,” suggesting the property, which is selling well below asking price, could mean that LA leaving his “cheeseball” taste in real estate behind.
After initially asking for half a billion dollars, the property was listed for $295 million but eventually sold for $141 million — a sum that includes commissions and fees.
Developers of the property and real estate agents have dubbed the residence “The One,” claiming that a home of this magnitude would never be built in the city again.
The 100,000-square-foot building on the hill was constructed over the past decade.
Surrounded by a moat on three sides of the building, the home offers 360-degree views of LA, the mountains, and the ocean.
It has 21 bedrooms, 42 bathrooms, seven half bathrooms, a nightclub area, a running track, a 40-person movie theater, a juice bar, a cigar lounge, an area dubbed the “Philanthropy Pavilion,” a garage that seats more than 30 cars, including two turntables for the vehicle exhibition, a wine cellar that can hold 10,000 bottles, and five pools and “water features” such as B. a private pool in connection with the master bedroom.
A bowling alley with four lanes is also part of the residence.
Although the property is priced high, it comes with its own problems, having been embroiled in a litany of litigation and bankruptcy proceedings The guard.
The property lacks a certificate of habitability meaning it is not yet ready to move into and construction work is ongoing, which probably accounts for its low sale price.
According to the los angeles times, A court-appointed bankruptcy trustee has estimated the residence will need at least $10 million to fix issues like cracked marble and water leaks.
As part of the bankruptcy proceedings, the buyer of the property must be disclosed, but said LA bankruptcy attorney Byron Moldo The guard that the villa could have been bought by a corporation or LLC to hide the real buyer from the public.
The sale will be examined by an insolvency court in March. Bankruptcy court records show the debt on the property is $191 million Times reported.
Concierge Auctions conducted the online sale. Its president, Chad Roffers, said “being in a lockdown” has meant that demand for “really big” properties has increased. The guard reported.
Expensive city apartments used to be popular with the very rich.
“Their world is private jets that they own or at least share,” Mr. Roffers said.
“Some people are into art, some into wine, some into cars, some into everything. We really identify a niche of people who are real estate collectors. They are always looking for a unique property.”
“The sheer size alone is attractive to the right person,” he said, referring to “The One”.
Only four people bid on the lot Thursday, with almost nothing happening in the last half hour of the auction. The price rose from $70 million in the last two minutes as two bidders pushed the sale price to over $100 million.
In comparison, venture capitalist Marc Andreessen bought a Malibu estate for $177 million last year, breaking the previous record of $165 million for Amazon founder Jeff Bezos’ California property purchase.
https://www.independent.ie/world-news/americas-most-expensive-mansion-with-21-bedrooms-and-30-car-garage-sells-for-a-fraction-of-500m-asking-price-41413714.html America’s most expensive 21-bedroom mansion with a 30-car garage is selling for a fraction of $500 million