The Most Expensive House In America Is On The Market For $250 Million
A new Bel-Air mega-mansion has just come on to the market, priced at quarter of billion dollars.
So the residential market for properties priced $100 million and up has cooled. What about for properties priced $200 million and up? That’s the question the developer and seller for America’s most expensive listing, a newly built Bel-Air mega-mansion priced at $250 million, will be asking himself.
Clearly, popping down to the bank to try and get a mortgage for such a home may not prove effective—even if a buyer promises to put 20 percent down. This would be a cash-only deal—and the amount of buyers that have a spare $250 million lying around are not easy to find. Those that have the cash will be expected the works…And they’ll get it. There are 38,000 square feet spread across four floors, 12 bedrooms, 21 bathrooms, three kitchens, a 40-seat movie theater, an infinity pool with a swim-up bar, and 270-degree hilltop views from downtown to the ocean.
The owner-developer Bruce Makowsky, according to the LA Times, an outlandish 60-year-old who lives in a 27,000-square-foot Beverly Park mansion, once leased by the late great pop star Prince, made his fortune selling handbags on QVC before turning to real estate six years ago. And what a six years it’s been. Thus far, he’s built nine homes and furnished them to reflect his own extravagant travels, interests and tastes.
He’s not a man who leaves anything up to the decision of the homeowner. His newest house comes with a $30-million fleet of exotic cars and motorcycles parked in the foyer, including a custom Rolls-Royce, a Bugatti, and a vintage Allard. Two wine cellars are stocked with hundreds of bottles of Champagne and wine. There are glass ping-pong and billiards tables that were custom-built, and 130 artworks collected from around the world. Clearly, the seller is a man who stands by the conviction of his tastes.
The home “comes with everything,” Makowsky said. “You don’t even need a toothbrush.” A toothbrush might be the only thing a prospective owner may want to keep. Certainly the helicopter on the roof, a Hobie Cat sailboat, crocodile-embossed elevator, a $500,000 set of moving Seven Dwarf images and the seven full-time employees, who live in a separate staff wing, is making a lot of assumptions about someone forking out up to a quarter of a billion dollars. It all makes good copy in websites and magazines but the seller, proving he’s not completely deranged, did state that the add-ons are negotiable. The LA Times noted that the Playboy Mansion was originally listed for $200 million before selling for half that price. Presumably, Hugh Hefner didn’t try and include some of his scantily clad models as part of the original deal.
If a $250 million home would sell anywhere, it would be in California. The state has been red hot in real estate sales—with a seeming perfect storm of factors driving prices up.
“It all goes back to the old adage in real estate about location, location, location,” Charlie Young, CEO of Coldwell Banker, told Business Insider. “In California, you’ve got a confluence of an amazing climate, strong economy with high-paying jobs, and a tech sector attracting a competitive environment.” And that means that a buyer for Makowsky’s mega pad is just as likely to come from Silicon Valley as Saudi Arabia.
“In Silicon Valley, you’ve got Apple, you’ve got Google, you’ve got Facebook. You’ve got the big players in the new tech economy,” Young said. “For the foreseeable future, they’re there, and that’s going to drive those markets.”
And all the high priced real estate in the state as well.
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