Record Breaking California Mansion Sells

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Record Breaking California Mansion Sells

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If you are in the market for a new, larger home in California, here's a great opportunity. This estate's 48,000 square feet includes 16 Italian marble fireplaces, 10-bedrooms, 14-bath rooms and a 20-car garage. All of this sits on 2.2 wooded acres that includes over 1.5 acres of lush gardens. For privacy, it is surrounded by a 36-foot high stone wall.

The home features a 50-seat theatre, a full gymnasium and a swan pond. All of the wood details are hand carved and the flooring is Bavarian walnut. It includes additional luxury touches such as a Moroccan themed room with a Turkish bath. The original owner, who designed and built the home for his personal use, says it is a warm, inviting family home.

If this property sounds perfect and you are considering making an offer, don't bother. It sold in June and is now in escrow. The sale price, while undisclosed, could approach $72 million. The location is in Bel Air, California. Like the sale price, the buyer's name has not been disclosed and is known only as an "unidentified European Family."

The home's current owner and builder, Mohamed Hadid, is the former owner of Ritz Carlton Hotels. He originally listed the home for sale in 2009 at $85 million although he quickly reduced the price to $72 million. Obviously, this home is only of interest to a small and select market. However, when a home in this price range sells, it causes ripples across the entire state's real estate industry.

Known as Le Belvedere, the massive estate is by far not the most expensive in the area. In neighboring Beverly Hills, the widow of television icon Aaron Spelling is asking $150 million for her mansion. Less than a mile away another mammoth home is on the market for $125 million.

Could this be the beginning of a rebound in sales of southern California luxury homes? My, let's hope so.

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