A Beverly Hills home reportedly built for late business tycoon Howard Hughes is headed for auction after several price cuts, the latest evidence of a luxury slowdown that has crept through the Los Angeles real estate market.
The 4,600-square-foot home on Haynes Avenue has been lingering on the market for two years. Its asking price has been slashed four times, dropping roughly 34 percent to $10.9 million.
Designed by architect Samuel Wacht, the Mid-century Modern has four bedrooms and five bathrooms. There’s also a swimming pool, jacuzzi, gym and sunken living room area.
Concierge Auctions is holding the no-reserve auction via its online marketplace on Aug. 15, with bidding starting two days earlier. Josh and Matt Altman of Douglas Elliman have the listing. A no-reserve auction is a gamble because the home will be sold to the winning bidder no matter the price.
Property records show the home last traded for $7.5 million in 2016. The owner is a trustee of Debra A. Gonzalez. The home listed on the market for $16.5 million roughly a year after the purchase.
Hughes is believed to have owned the home in the 1960s, according to a previous report in the Los Angeles Times. During his ownership, he was known for hosting Hollywood’s elite at the one-story home.