Welcome to the highest priced home in the United States
A Beverly Hills estate in California with a 12-bedroom Mediterranean-style mansion and a vineyard has gone on the market for $195 million, the highest current asking price in the US, according to the property’s broker.
The 35,000-square-foot main house sits on 25 acres with unobstructed views of Los Angeles and the surrounding canyons, according to a statement by Coldwell Banker Previews International, the estate agent selling the property.
The Palazzo di Amore is the most expensive residential property on the market, surpassing the $139m asking price for Le Palais Royal, a 60,500-square-foot estate north of Fort Lauderdale, Florida. That property is also being marketed by Coldwell Banker Previews.
The Beverly Hills mansion, developed by Mohamed Hadid, is owned by real estate entrepreneur Jeffrey Greene. He is selling the property, after renovations that took almost eight years, to take advantage of demand for luxury properties in the US from wealthy investors from overseas.
“The most likely buyer is going to come from abroad,” says Joyce Rey, a Coldwell Banker Previews broker. “All the high sales that have happened here lately have been by international buyers. They think it’s a good investment, plus the wonderful lifestyle here.”
After buying the property in 2007, Mr Greene added a 15,000-square-foot entertainment centre that features a disco with a revolving turntable-style dance floor.
The property also has a 50-seat screening room, a bowling alley and a garage with space for 27 cars.
The outdoor entertaining areas include a 128-foot reflecting pool and fountain, as well as a swimming pool, spa and tennis court.
The estate previously was available for lease at $475,000 a month. In total, the property has more than 53,000 sq ft of liveable areas, including a separate guesthouse.
Nadja Brandt reveals more about the record-setting property listing in the US
What’s the market for homes at the top end of the scale?
At least 20 American homes have sold for $50 million or more since 2010, according to New York-based appraisers and consultants firm Miller Samuel. This year, Barry Rosenstein, founder of hedge-fund firm Jana Partners, agreed to buy a home for $147m in East Hampton on New York’s Long Island in what is the biggest US sale to date.
What did the current owner Jeffrey Greene pay for the property?
Jeffrey Greene was the winning bidder in an auction for the Beverly Hills estate in 2007. He paid $35m, then spent “tens of millions” on renovations.
Does he have any other major property investments?
Yes. Mr Greene owns more than 30 properties in Florida, 3,500 apartments in Los Angeles and three buildings in downtown Manhattan, as well as estates in the Hamptons, Malibu and Palm Beach in Southern California, according to Coldwell Banker Previews.
So why is he selling Palazzo di Amore after spending so long renovating it?
“The market seems to be very solid now and there’s lots of demand for iconic properties that are unique,” says Mr Greene. “It’s good timing. We just finished renovating it. I am in shock myself that it’s been almost eight years.”
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Published: November 13, 2014 04:00 AM