A 31,000-square-foot mansion in Bel Air, Los Angeles, is the latest astronomically priced house to get a sizeable price chop, having returned to the market Monday with an asking price of $90 million.
The sprawling spec house was first listed in July for $100 million. Developer Donald Bolin, who could not be reached for comment, paid $1.2 million for the site in 2012, according to property records.
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He then built an extravagant house with myriad amenities. The 12-bedroom property has 23 bathrooms, five bars, a two-lane bowling alley, a theater, a wine cellar, a game room, private staff quarters, an infinity pool with a waterfall and spa, a putting green and a motor court with space for 70 cars, according to the listing. Arline Bolin, reportedly Mr. Bolin’s sister, is handling the sale. She did not immediately respond to a request for comment.
Los Angeles and the surrounding areas are quickly becoming known for their nine-figure real estate listings.
Chartwell, a 1930s neoclassical chateau that belongs to the family of the late billionaire Jerry Perenchio, went up for sale in Bel Air for $350 million in August, becoming the most expensive home on the market in the U.S. A 38,000-square-foot Bel Air spec home by luxury developer Bruce Makowsky listed in January with $250 million price tag. And Formula One heiress Petra Stunt is selling her home in Holmby Hills for $200 million.
Opus, a Beverly Hills spec home that released an unusual promotional video featuring—among other things—gold-painted women writhing next to a Lamborghini, also dropped out of the $100-million-club recently. The home is now asking $85 million, $15 million less than its original asking price when it was listed in February.
Marketing such a pricey property comes with a unique set of challenges and experienced agents say sealing the deal on a $100 million-plus listing requires a stacked Rolodex, a willingness to globetrot and a newsworthy sales pitch.
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