Billionaire real estate tycoon Jeff Greene calls it a “reasonable” price. Real estate experts say it’s a marketing tactic. Either way, its $195 million asking price makes Greene’s sprawling Beverly Hills compound the most expensive public listing in the country.
“When you consider the value of the land and the quality of the construction,” Greene told the New York Times, “$195 million is really quite reasonable.”
But few in the industry agree.
“These are vanity numbers, and they are usually very far off from the ultimate sales price,” Jonathan Miller, of Miller Samuel, said. “Jeff is a very smart real estate guy. But there are only a handful of people in the world who can buy this. And will any of them want to?”
If some one did decide to bite, the astronomical price tag would get them a 35,000-square-foot main house with 12 bedrooms, 23 bathrooms, two kitchens and spectacular views of Los Angeles. Next, there is a guesthouse, a 24-car garage and an “an entertainment complex” with its own bowling alley, rotating dance floor, D.J. booth and laser lights. Then there is the vineyard — a rarity in Beverly Hills. And that’s just getting started.
“It just went on and on, since I’m a perfectionist,” Greene said. The main house is dripping with carved-wood moldings, chandeliers, gold faucets and marble. And according to the Times, the Bavarian walnut floors were hand-scraped to make them look antique.
There is even a Turkish spa attached to a “Moroccan room,” carved and painted by the king of Morocco’s craftsmen.
“The king had to give them permission to make this,” developer Mohamed Hadid said. “He had to sign the papers.”
Greene paid just $35 million for the property during the financial crises – he made his roughly $3 billion betting on housing defaults. He was then married at the property with mike Tyson standing beside him as his best man. [NYT] – Christopher Cameron