Perched in the hills of Bel-Air, an elaborate Modern Spanish-style megamansion is a modern day temple to extraordinary wealth. The roughly 40,000-square-foot property rises up from the hillside with three levels of terraces, arched doorways and a huge deck with an infinity pool that spills over into a 20-foot waterfall. Inside, a host of amenities befitting a five-star hotel: a 75-foot pool, a movie theater, a basketball court, a 1,200-bottle wine cellar and an underground gallery with parking for more than 20 cars.
The house is missing just one crucial thing: a buyer. In an effort to lure one, the developers relisted the house for $59 million last month, a 41% reduction from its $100 million price tag in 2018.
Shawn Elliott of Nest Seekers International, one of the home’s listing agents, said the price cut followed talks between the agents and developers, Ty Cueva and Dean Hallo. “We talked about what price would attract buyers but still be a pill [the developers] could swallow,” he said.
Price reductions like these are becoming more common in the ultraluxury market, amid a market slowdown in Los Angeles. Agents say the push to cut prices also is driven by a rush to sell before the introduction of a new transfer tax on luxury real-estate sales set to take effect April 1, as well as a proposed local ordinance that would create a designated wildlife conservation area in the Santa Monica Mountains, preventing megamansion development on the scale that has become commonplace and so reducing site purchases by developers.