Price cut $62 million on U.S.'s 'most expensive home'
BEL AIR, Calif. — A luxury developer in California has announced a further price adjustment for his spec home located at 924 Bel Air Road in Los Angeles. Originally listed at $250 million, the price was recently lowered to $188 million.
The most recent price cut of $38 million brings the total reduction to $62 million. However, if sold at its current price, the home would still claim the title of most expensive in the country, the developer said.
In 2018, Los Angeles County set a record for the most expensive new home sold to date when an 8,000-square-foot property in Malibu closed for $110 million, or about $13,500 per square foot, demonstrating a record-breaking hot real estate market on the West Coast.
“Due to recent global market conditions, I've adjusted the price to what I believe is today's market value for the home,” says developer Bruce Makowsky. “Today's billionaire and mega wealthy homebuyer just isn't ready to spend $200 million on a home at this current place in time, so we've relisted it with a price tag that will open the door to a significantly larger audience.”
At the end of 2014, Makowsky sold a Beverly Hills mansion he built at 1181 N. Hillcrest Drive for $70 million, marking the most expensive house ever sold in Beverly Hills. When creating 924 Bel Air Road, Makowsky said his mission was simple — to design, curate and build the most amazing home in the United States. The original price tag of $250 million takes luxury living to a whole new level, he says.
“Los Angeles offers the best of everything and buyers at this price point understand its importance in the global marketplace. Prices have clearly been trending upward in recent years and while I strongly believe we will reach these pricing levels soon, we're just not quite there yet,” says Makowsky.
Currently in Los Angeles, there are many high-end luxury builders developing properties with over $100 million price tags.
“The mega yacht business has never been stronger with values over $200 million each indicating that this level of wealth does exist in the world, and not to mention the private jets that billionaires spend massive amounts of money on each year,” Makowsky says. “Ultrawealthy buyers have not yet become accustomed to spending $200 million on a home despite the amount of time they actually spend in it. The flawless attention to detail when you step inside 924 Bel Air Road is unmatched anywhere in the world.”
The Bel Air Road mansion offers 38,000 square feet of indoor living space as well as 17,000 square feet of entertainment decks. There are two master suites, 10 oversized guest suites, 21 luxury bathrooms, three gourmet kitchens, five bars, a massage studio/wellness spa, a fitness center, 85-foot glass tile infinity swimming pool, 40-seat Dolby theater, four-lane bowling alley/lounge, sprawling auto gallery, over 100 curated art installations, an outdoor hydraulic pop-up theater, two fully stocked champagne/wine cellars, massive assorted candy wall and the most advanced home technology system in the country, the developer said.
The 270-degree views, ranging from snow-covered mountains, through the entire city and gliding the whole Pacific Ocean to Malibu is the best view in California, Makowsky says.
The home took more than four years to build with a crew of over 300 people. For more information, visit www.924belair.com.