Makowsky’s $250M spec mansion fails to fetch even $100M
Unidentified buyer gets notorious Bel Air spec mansion
UPDATED, Oct. 24, 3:15 p.m.: Two years and two massive price chops later, Bruce Makowsky has sold “Billionaire,” his monstrous Bel Air spec mansion.
The developer and handbag mogul sold the home — replete with Louis Vuitton-designed bowling alley — for $94 million, 62 percent below its original asking price, according to the Wall Street Journal.
The deal worked out to $2,473 per square foot. The buyer was not identified, according to the report.
Branden Williams and Rayni Williams of Hilton & Hyland represented Makowsky in the deal. Shawn Elliott of NestSeekers International represented the buyer, as well as Ben Bacal of Reval Real Estate, the new brokerage brand he started after leaving Rodeo Realty.
Makowsky first listed the 38,000-square-foot property at $250 million, making it the priciest home in the country. Located at 924 Bel Air Road, the 12-bedroom, 21-bathroom mansion has a helipad, a wellness center, a gaming area, and an 85-foot pool.
A year later and with no takers, he cut the price to $188 million, then to $150 million in January.
Other sky-high Los Angeles listings have suffered similar price cuts.
Spelling Manor in Beverly Hills, which Petra Ecclestone originally listed for $200 million, sold for $120 million in July. That was still enough to make it the most expensive residential sale ever in L.A. County.
And the Chartwell Estate in Bel Air, which started out as a $350 million pocket listing, has gone through two price chops. It was cut to $245 million when it the market, then again to $195 million in June. The estate belonged to the late Univision chief executive, Jerrold Perenchio. [WSJ] — Matthew Blake