Beverly Hills officially has the most expensive listing in the country. Billionaire real estate investor Jeff Greene has listed his sprawling estate overlooking Los Angeles for a whopping asking price of $195 million.
The home known as Palazzo di Amore has consisted of a bit more labor than love for Greene as well as its previous owner. In 2007, Greene purchased the home out of bankruptcy proceedings from a Middle Eastern businessman and his wife. Greene reportedly shelled out $35 million and soon after set to work on a renovation that would last seven-and-a-half years and cost tens of millions more dollars.
“I have no logical explanation for why we spent the next seven-and-a-half years building this house,” Greene told Forbes. “But that’s the world of building very detailed custom homes.”
At the end of the renovation, Greene and his team of builders had constructed a massive 35,000-square-foot main home as well as a 15,000-square-foot entertainment center and guest home. Throughout the multiple structures on the 25-acre property there are a total of 12 bedrooms and 23 bathrooms. The home also comes with a working vineyard that has the capability to produce six different types of wine.
Throughout the process Greene and his wife remained intimately involved with the renovations. When presented with a concrete foundation with nothing on the property, they opted for a lavish entertainment center which now includes a bowling alley, 50-seat private screening room, a ballroom with DJ booth and a revolving dance floor.
Beverly Hills Real Estate Update
Although Greene’s home may be a tad ostentatious, the city of Beverly Hills is no stranger to the uber-luxurious homes of the rich and famous. According to Altos Research, a California-based real estate analytics company, the luxury market in Beverly Hills has been slowing down somewhat in the last few months, however a recent jump in home demand may spur some interesting activity in the winter months.
Altos reports the median single-family home value in Beverly Hills is $3,931,231 as of November 7. This value has been on a decreasing trend since late June when the median price peaked right around $4.5 million.
Another housing indicator that has been on a parallel downward trend is home demand in Beverly Hills. Altos measures buyer demand versus seller supply through a unique value known as the Market Action Index. This value indicates from a neutral value of 30 whether trends are leaning high in favor of sellers or low in favor of buyers.
Back in January, the MAI peaked in seller territory at a 38. Since then demand has waned in Beverly Hills, bringing that high value down to buyer territory. However, just recently the MAI has shot up just a few points to a current value of 29.51. Although this is still in favor of the buyer, the uptick in demand could mean growth in related factors such as home prices.
If you are interested in learning more about Beverly Hills luxury homes, please contact our team of property agents today.