The Wall Street Journal's Candace Jackson reports on the highest of the high-end homes in Los Angeles, trophy homes with pricetags that break the $100 million mark.
A recent trio of spec homes in Bel Air--one with a 15,000 square foot guesthouse, another with a 2,100 square foot spa--are selling for $115 million, indicative of a wave of new ultra-lux abodes in the area.
“There are probably only about 3,000 people [in the world who can afford this,” says Barry Watts, the Los Angeles-based president of Domvs London, the Park Bel Air’s developer.
As of now, there are more than 40 homes in this area that are more than $20 million. Next year, a Bel Air home is expected to top the market for an asking price of $500 million, says developer Nile Niami.
Fewer than 10 U.S. homes have ever sold for $100 million or more, according to Mr. Miller, including just three in the state of California. The priciest was the 2012 sale of a $117 million property in Woodside to Softbank CEO Masayoshi Son, according to the Los Angeles Times.
If Mr. Niami’s $500 million home sells at even a 50% discount, it would top what is thought to be the most-expensive home sale: $221 million paid in 2011 by Ukrainian billionaire Rinat Akhmetov for a penthouse in London’s One Hyde Park condominium.