Steep price cuts are part of selling luxury real estate in Los Angeles. But rarely is a nearly nine-digit listing cut in half the same year it hit the market.
That’s what happened with a 9,000-square-foot Mediterranean-style mansion at 1142 Calle Vista Drive in Beverly Hills. Nearly nine months after hitting the market for $98 million on Jan. 1, the home’s price has been slashed to $49 million.
At that price point, a 50-percent discount is about as common as a pool that doesn’t have the word “infinity” in front of it. It’s also a clear sign the pandemic has shattered whatever was left of “aspirational pricing.”
The five-bedroom, eight-bathroom home was designed by Richard Landry and completed in 2006, according to Zillow. The entrance leads to a double height foyer with an elaborate double staircase. The rest of the interiors keep with the overall opulent Mediterranean style.
The home includes a gym, wellness center, a spa, travertine with fountain, a theater, five fireplaces and eight bathrooms. The interiors include Jerusalem marble and handmade mosaics and medallions. The back of the home leads out to the infinity pool — of course — and the patio, which spreads across the usable space on about half an acre.
At $5,430 per square foot, the new pricing still makes it among the most expensive homes on the 90210 market by that metric, behind a handful of properties marketed as development opportunities.
Compass’ Sally Forster Jones, the listing agent, did not immediately return a request for comment.
Los Angeles luxury sellers will periodically cut a smaller percentage from an asking price every six months or so until they get more bites. For example, over a similar period from February to September, Eli Broad dropped the asking price on his Malibu beach house by 17 percent, from $75 million to $62 million.