Another spec home has hit the market for sale, adding to the flurry of high-end properties in search of a buyer in a softening Los Angeles market.
A 20,000-square-foot Bel Air compound, built over four years by a diamond manufacturer, is being marketed for sale for $48 million, the Wall Street Journal reported.
It’s the first spec home ever built by Rafael Zakaria, a Los Angeles-based diamond dealer. Zakaria grew up in a real estate family, and built the home with the intention to sell.
The modern property features seven bedrooms and elaborate amenities, such as Portuguese limestone and Italian Calacatta marble. It also includes a 20-person movie theater, wine cellar, gym, spa and five fireplaces.
Outside, there is a tennis court and 200-foot circular infinity pool with fixed, floating recliners.
Zakaria paid $6.6 million for the property in 2013, property records show. He then tore down the existing home to make room for his elaborate spec.
Branden and Rayni Williams of Hilton & Hyland share the listing with Aaron Kirman of Compass.
Nearby, another mega-mansion is being marketed for $88 million. The eight-bedroom house spans about 25,000 square feet, with an additional 20,000 square feet of outdoor space. Ardie Tavangarian, founder of Arya Group, built that estate. [WSJ] — Natalie Hoberman