Los Angeles Megamansion Once Asking $100 Million Is Now ‘Priced to Sell’

The sprawling trophy home now has a $59 million price tag, slashed from the $100 million it was once asking.

But the price isn’t the only thing that’s changed about the sprawling Bel Air spec house, it’s also got a new set of listing agents and an updated name, the Somma Estate.

“Realistically in this market, this is what it’s worth, it’s priced to sell,” said Shawn Elliott of Nest Seekers, who brought the home to the market last week alongside David Parnes of the Bond Collective at The Agency and Branden Williams of Williams and Williams.

In fact, at this price, which is “slightly below market value,” Mr. Elliott said, competing parties may even end up pushing the final sale price beyond that ask.

Built in 2020, the more than 41,000-square-foot estate is among the largest “amenity-driven, ultra-luxury property on the market,” he added.

Fitted with eight bedrooms and 21 bathrooms, the mansion is in fact the second-largest house on the market in Los Angeles, and has a 36-person theatre and a wellness centre with an indoor pool, a sauna, a steam room, a salon and a fitness studio.

“When you have a world-class spa, you never have to leave the house,” Mr. Elliott said. “You’ve got a hair salon, you can get a manicure, a pedicure. There’s no reason to ever leave.”

There are indoor and outdoor pools. SIMON BERLYN

There are also six bars, a 1,200 bottle wine cellar with a wine tasting room, a recording studio, an auto-gallery for 20 cars with the option to expand the space and add room for another 20.

The house also has “a full indoor NBA-approval indoor basketball court,” a rarity, with most high-end homes offering half courts, Mr. Elliott added.

The amenities aren’t restricted to the inside. Outside, the lush grounds have multi-level terraces, an infinity edge pool and spa, a kitchen and a giant outdoor TV.

The approach to the home is beautiful, too, according to Mr. Elliott. Newly landscaped and redesigned after acquiring some of the property next door, “I think the ‘wow factor’ is there,” he added.

Listing records show the home first hit the market in 2018 asking $100 million—before it was completed—then again in May 2020 with the same price tag. It was most recently listed for $78 million in 2021.

The home is being sold by its developer Westside Property Group, records show.

This article originally appeared on Mansion Global.

Citizen Kanebridge, one of Australia’s premier private members’ clubs, will open a new chapter in Sydney’s fast-growing Norwest corridor, expanding its physical footprint to meet its property, finance and investment membership base where they live and work.

The club’s primary premises remains the Royal Automobile Club of Australia on Macquarie Street in the Sydney CBD — one of Australia’s most distinguished institutions — where Citizen Kanebridge members continue to enjoy full access to its storied facilities at the heart of the city.

The new Norwest chapter, to be known as Citizen Kanebridge Norwest, will be developed in partnership with Momento Hospitality, with the venue’s top floor facility serving as the primary location for key events.

Norwest has emerged as one of Sydney’s fastest-growing commercial and residential corridors, increasingly home to the developers, financiers and investors at the heart of the Citizen Kanebridge community. The move places the club at the centre of the growth story many of its members are most engaged in.

“Norwest is where the city is moving,” said Ruba Jaajaa, COO of Kanebridge Media. “For a club built around property, finance and investment conversations, it’s simply the right place to be.”

For Jaajaa, the expansion carries a personal resonance as much as a strategic one.

“There is also a wonderful sense of coming full circle in bringing Citizen Kanebridge to Norwest,” she said. “More than 20 years ago, this is where the foundations of the Kanebridge Group were first developed. Returning to the area is a warm opportunity to reconnect with the enduring relationships, trusted conversations and community that have been part of the Kanebridge story since 1999.”

Membership will be offered as a dedicated tier, the Citizen Kanebridge Norwest Individual Membership, including monthly dining credits at Momento Hospitality venues and access to the Sonato global reciprocal club network, spanning more than 250 private clubs worldwide. Members will also receive digital subscriptions to Kanebridge Quarterly, Robb Report Australia & New Zealand, and The Wall Street Journal.

Further details on the launch event calendar, membership applications and transition arrangements will be announced soon.

For further information, contact Ross Blainey at concierge@citizenkanebridge.com.au.

Los Angeles Megamansion Once Asking $100 Million Is Now ‘Priced to Sell’

A colossal megamansion in Los Angeles has just returned to the market with a price cut to match.

Citizen Kanebridge expands into Sydney’s fast-growing Norwest corridor, bringing the club back to the region where the Kanebridge story was shaped more than two decades ago.