Real Estate Marketing & Beyond
A home in Los Angeles that was previously the most expensive in the USA, has been snapped up at a staggering 43% discount.
The Holmby Hills estate, sold for $85 million. Image courtesy of Atwater Village Newbie
The 56,500 square foot residence was sold by its owner Candy Spelling, widow of Aaron Spelling, the late TV producer, for just $85 million. The home had previously been listed at $150 million for the last two years.
Slightly larger than the White House, the enormous Holmby Hills property was snapped up by UK socialite Petra Ecclestone, the daughter of Formula One chief Bernie Ecclestone, whose family fortune was recently estimated to be worth $4.2 billion, putting them 254th on the Forbes rich-list of the world's wealthiest people.
British socialite Petra Ecclestone. Image courtesy of Etonline
Estimating the value of a property can be incredibly difficult when it comes to multi-million dollar luxury mansions such as this one, says RE/MAX's Jorden Cohen. "With homes this size, you don't ever get matching comps, because they are all unique when you get into the multi-million dollar price range," she said.
Luxury homes can be tricky to value as they are always unique. Image courtesy of SMH
But despite initial reports saying that the property had set a new record as the most expensive home in the US, the property at Holmby Hills falls just short of the mark. The title currently belongs to a Silicon Valley property which went for the highest ever known price at $100 million earlier this year.
The sale of Spelling Manor is a large scale example of what’s happening throughout the Los Angeles luxury and standard home market. It’s important to price a home properly when it is first listed. Serious buyers usually see a home the first week it’s on the market. In a declining or flat market, the longer a home sits on the market, the lower the ultimate sales price. No home out preforms the market. In actuality the 85M selling price was not a 43% discount as much as the home was 43% over priced.