Karen Winnick Slashes Price on Casa Encantada Again

The famous Casa Encantada estate in Bel Air is back on the market for nearly $100 million below its initial listing price as it remains at the center of an ongoing legal dispute.

Casa Encantada at 10644 Bellagio Road is now for sale for $170 million, down from $190 million last year, the New York Post reported. The property listed in 2023 for $250 million after first going up for sale in 2019 for $225 million.

The home belonged to late telecommunications billionaire Gary Winnick, who purchased the estate in 2000 for a record $94 million. Since his death in 2023, his widow Karen Winnick has been fighting to keep the home as lender CIM Real Estate Credit LLC looks to foreclose on the property. CIM originated a loan in 2020 secured against the estate, and the debt has increased beyond $150 million.

A foreclosure auction was scheduled for December 2025 but the home has still not sold and remains on the market. “At Karen Winnick’s request, the California Court of Appeal granted a temporary stay of the foreclosure on Dec. 16, 2025. That temporary stay continues to be in effect as of now,” a lawyer for Winnick told the Post.

Winnick and her son Alexander claim they were left “effectively destitute” by an alleged loan-to-own scheme against the mansion and other assets. Karen was reportedly unaware of the terms of the loan.

CIM’s recent filings in Los Angeles Super Court call for moving the legal dispute out of California, claiming the fight should be in New York due to unspecified provisions in the 2020 loan agreement and a personal guarantee signed by Karen Winnick. The lender argues that she personally signed the guarantee and later executed multiple amendments and advance requests tied to the debt. CIM believes Winnick’s connection to these documents disproves the idea that she was unaware of the debt structure.

Casa Encantada’s 28,725-square-foot main residence consists of seven bedrooms and 20 bathrooms. The estate has been home to billionaires in the past, including Conrad Hilton and David Murdock. The property also features a walnut-paneled library, hand-lacquered dining room walls, two formal salons and a bar for guests. Outside, rose gardens, orchards and rolling lawns surround the manse with a 60-foot tiled pool and a tennis pavilion.

Court hearings regarding the loan dispute are scheduled throughout the spring, including debates over whether the case should remain in Los Angeles and whether key claims can survive at all. A breach-of-contract lawsuit has also been initiated in New York.— Chris Malone Méndez