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We’ve seen some pricey properties over the years, but Palazzo di Amore is a special case. The Beverly Hills, CA, estate was once the most expensive home in all the land. Without a billionaire buyer on the hook, it took a yearlong break from the market. Now, it’s back as the most expensive new listing of the week on realtor.com®, at $129 million.
First things first: Yes, $129 million is a lot of dough. However, it’s a heck of a lot less than the original asking price of $195 million. The palazzo was first listed by real estate tycoon Jeff Greene in 2014. And although the man has made his financial fortune buying and selling homes, this Beverly Hills estate has presented a challenge.
The new pricing strategy may bring interest back to this luxurious abode.
“It’s coming back at this price and this time because L.A. has seen record-breaking sales all in the last quarter of 2016,” says listing agent Stacy Gottula with The Agency. “We are excited to be able to come back into the market at this time at the right price to get it sold this time around.”
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For those who prefer to rent rather than own, the Mediterranean-style palace is also available for lease for a jaw-dropping $375,000 a month.
This home has something for everyone. The private, gated home on a hill sits on almost 25 acres of land, which includes a producing vineyard, a tennis court and pavilion, a pool and spa, and “stunning landscaping.” Yet it’s mere minutes form the heart of the shopping and dining of Beverly Hills.
Want to party? There’s no need to leave home; just invite everyone over. The compound has a two-level, 15,000-square-foot “entertainment complex” with a revolving dance floor, state-of-the-art DJ booth, and laser light system. There’s also plenty of space to throw a dinner party for 200 of your closest friends.
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The game room includes a two-lane bowling alley, and the theater can seat 50. Parking can accommodate 150 cars.
You could also throw a pool party next to the outdoor barbecue station, or host a wine event with some of the vintages from the backyard.
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As for the living space, the family, dining, and breakfast rooms all open to the outdoors. The chef’s kitchen includes a walk-in pantry, and there’s a secondary staff kitchen.
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Extravagant details include a 3,000-bottle wine tasting room, a Turkish-style spa, and a Moroccan-style room with hand-painted wooden panels, luxurious fabrics, and a fireplace. There are 12 bedrooms in this home, including a master and a guest suite, and 23 full and half bathrooms. There’s also a separate guesthouse. Naturally, the property features city-to-ocean views.
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Property records show the home was purchased for $35 million in 2008. So even at the newly reduced price, along with all the work he’s put into the place in the past nine or so years, Greene stands to make, well, some green on the investment.
“Being on 25 acres, you won’t find this anywhere in the city,” Gottula says. “Because of the privacy, the acreage, the city view, it’s really a compound for royalty. Any billionaire looking for a very private estate, this is it.”
The post Now $66M Cheaper, Palazzo di Amore Can Almost Be Called a Bargain appeared first on Real Estate News & Advice | realtor.com®.
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