A Paul McClean-designed contemporary spec home in Bel Air is back on the market for $48 million, down from its original $55 million asking price when it first went on the market in 2014.
The price cut is the latest in a string of markdowns in some of Los Angeles’ priciest residential enclaves. A recent report by brokerage Douglas Elliman shows that the luxury single-family home market is beginning to top out in areas such as Beverly Hills and Bel Air.
The median sale price for a home in Bel Air dropped by 11.5 percent year over year in the second quarter, to $2.09 million, the report shows.
The owner of the home, a Nevada-based LLC, has also swapped brokers, bringing in Jade Mills of Coldwell Banker to represent the property. She was not immediately available for comment.
Jonathan Adler, a Texas-based representative for the owner, declined to comment.
The 14,230-square-foot property at 864 Stradella Road has seven bedrooms, 12 bathrooms, a 90-foot infinity pool, a wine-cellar with thumbprint security access, a private master wing, a billiards room and a gym with a steam room.
The median price for a “luxury” single-family property — defined as being among the top 10 percent of sales based on price — dropped by 0.3 percent in the second quarter, while the median price for the overall market increased by 5.7 percent for one-family homes, according to the Elliman report.
Other recent owners to have slashed the price of their homes include L.A. power couple Bradley Bayou and Mark Itkin, who cut the price of their Doheny Estates property to $16.5 million, down from its original $21.85 million.