The most expensive home currently for sale in Santa Monica just took a sizable haircut.
The trophy estate overlooking Riviera Country Club, initially listed last summer for $110 million, is now asking $88 million, representing a 20 percent reduction worth $22 million, Mansion Global reported.
The property at 859 Woodacres Road is owned by an LLC linked to the Washington Companies, the industrial conglomerate founded by billionaire Dennis Washington, with his son Kevin Washington reportedly behind the entity. The Washington Companies affiliate bought the property in 2017 for just over $41 million, acquiring the estate from a trust connected to “Modern Family” co-creator Steven Levitan.
Designed by late architect Howard Backen, the roughly 12,000-square-foot residence boasts six bedrooms with typical luxury amenities like a spa and wellness center, a home theater and a temperature-controlled wine cellar.
The manse also includes a so-called “man cave” equipped with a golf simulator, a bar, arcade games, pool and poker tables, and space to display a Tyrannosaurus rex skull. The listing with The Beverly Hills Estates does not elaborate on the authenticity of the fossil, though another California house tied to the Washington family had a real T-Rex skull on display, Mansion Global reported.
The home is powered by its own geothermal energy system, offering a buyer an effectively off-grid property.
The upper end of the market has seen a few haircuts in recent months, with some lowered prices successfully attracting interested buyers. In January, a 12-bedroom Bel Air speculative mansion known as La Fin was relisted for just under $100 million, down from its original 2022 list price of $139 million.
Last month, a mansion at 804 North Elm Drive in Beverly Hills that was listed for $34.5 million went into contract, reflecting a price cut from the nearly $40 million asking price when it first hit the market last June, The Real Deal previously reported. Also in February, a newly built home at 2535 Hutton Drive that was first listed in October for $19.5 million went into contract after dropping its list price to $18.5 million. — Chris Malone Méndez
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