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Owner ups mansion list price by $20M after failing to sell

After struggling for more than two years to sell a 20,000 square-foot Beverly Hills mansion even after making several generous price cuts, the owner has now opted for a much more drastic approach – raising the price by a cool $20 million instead.

The “Opus” is certainly a luxurious property, with seven bedrooms, 11 bathrooms, two swimming pools, two kitchens and a car museum among its highlights. The property was first listed in 2017 with a $100 million price tag, but was unable to attract a buyer. Due to this, the owner then slashed the price to just $68 million in January, and again to $60 million four months later.

Now, still unable to find a buyer, the owner has opted to increase the price by almost $20 million, with the current listing price set at $79.9 million.

Realtor.com noted that hiking the price in this way was unusual to say the least, with one real estate agent saying there are several possible explanations for the move

It could be that “they see the ultra-high-end buyer coming back,” Roger Perry, a real estate pro with Rodeo Realty and who has no connection to the Opus property, told Realtor.com. “Or they want to give themselves a little more room for negotiation.”

Another real estate pro said it could be part of a marketing tactic aimed at getting more attention on the listing.

“They start out priced extremely high, knowing that’s not going to be the ultimate sales price,” said Scott Tamkin, a luxury real estate pro with Compass, also not affiliated with the sale. “Does it mater if it’s listed at $80 million or $65 million or $99 million? It doesn’t matter. The buyer is going to negotiate it.”

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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