Los Angeles Megamansion Once Asking $100 Million Is Now ‘Priced to Sell’ | Kanebridge News
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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.

Thu, Feb 16, 2023 8:37amGrey Clock 2 min

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.


Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

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China’s EV Juggernaut Is a Warning for the West

Competitive pressure and creativity have made Chinese-designed and -built electric cars formidable competitors

Thu, Jun 8, 2023 4 min

China rocked the auto world twice this year. First, its electric vehicles stunned Western rivals at the Shanghai auto show with their quality, features and price. Then came reports that in the first quarter of 2023 it dethroned Japan as the world’s largest auto exporter.

How is China in contention to lead the world’s most lucrative and prestigious consumer goods market, one long dominated by American, European, Japanese and South Korean nameplates? The answer is a unique combination of industrial policy, protectionism and homegrown competitive dynamism. Western policy makers and business leaders are better prepared for the first two than the third.

Start with industrial policy—the use of government resources to help favoured sectors. China has practiced industrial policy for decades. While it’s finding increased favour even in the U.S., the concept remains controversial. Governments have a poor record of identifying winning technologies and often end up subsidising inferior and wasteful capacity, including in China.

But in the case of EVs, Chinese industrial policy had a couple of things going for it. First, governments around the world saw climate change as an enduring threat that would require decade-long interventions to transition away from fossil fuels. China bet correctly that in transportation, the transition would favour electric vehicles.

In 2009, China started handing out generous subsidies to buyers of EVs. Public procurement of taxis and buses was targeted to electric vehicles, rechargers were subsidised, and provincial governments stumped up capital for lithium mining and refining for EV batteries. In 2020 NIO, at the time an aspiring challenger to Tesla, avoided bankruptcy thanks to a government-led bailout.

While industrial policy guaranteed a demand for EVs, protectionism ensured those EVs would be made in China, by Chinese companies. To qualify for subsidies, cars had to be domestically made, although foreign brands did qualify. They also had to have batteries made by Chinese companies, giving Chinese national champions like Contemporary Amperex Technology and BYD an advantage over then-market leaders from Japan and South Korea.

To sell in China, foreign automakers had to abide by conditions intended to upgrade the local industry’s skills. State-owned Guangzhou Automobile Group developed the manufacturing know-how necessary to become a player in EVs thanks to joint ventures with Toyota and Honda, said Gregor Sebastian, an analyst at Germany’s Mercator Institute for China Studies.

Despite all that government support, sales of EVs remained weak until 2019, when China let Tesla open a wholly owned factory in Shanghai. “It took this catalyst…to boost interest and increase the level of competitiveness of the local Chinese makers,” said Tu Le, managing director of Sino Auto Insights, a research service specialising in the Chinese auto industry.

Back in 2011 Pony Ma, the founder of Tencent, explained what set Chinese capitalism apart from its American counterpart. “In America, when you bring an idea to market you usually have several months before competition pops up, allowing you to capture significant market share,” he said, according to Fast Company, a technology magazine. “In China, you can have hundreds of competitors within the first hours of going live. Ideas are not important in China—execution is.”

Thanks to that competition and focus on execution, the EV industry went from a niche industrial-policy project to a sprawling ecosystem of predominantly private companies. Much of this happened below the Western radar while China was cut off from the world because of Covid-19 restrictions.

When Western auto executives flew in for April’s Shanghai auto show, “they saw a sea of green plates, a sea of Chinese brands,” said Le, referring to the green license plates assigned to clean-energy vehicles in China. “They hear the sounds of the door closing, sit inside and look at the quality of the materials, the fabric or the plastic on the console, that’s the other holy s— moment—they’ve caught up to us.”

Manufacturers of gasoline cars are product-oriented, whereas EV manufacturers, like tech companies, are user-oriented, Le said. Chinese EVs feature at least two, often three, display screens, one suitable for watching movies from the back seat, multiple lidars (laser-based sensors) for driver assistance, and even a microphone for karaoke (quickly copied by Tesla). Meanwhile, Chinese suppliers such as CATL have gone from laggard to leader.

Chinese dominance of EVs isn’t preordained. The low barriers to entry exploited by Chinese brands also open the door to future non-Chinese competitors. Nor does China’s success in EVs necessarily translate to other sectors where industrial policy matters less and creativity, privacy and deeply woven technological capability—such as software, cloud computing and semiconductors—matter more.

Still, the threat to Western auto market share posed by Chinese EVs is one for which Western policy makers have no obvious answer. “You can shut off your own market and to a certain extent that will shield production for your domestic needs,” said Sebastian. “The question really is, what are you going to do for the global south, countries that are still very happily trading with China?”

Western companies themselves are likely to respond by deepening their presence in China—not to sell cars, but for proximity to the most sophisticated customers and suppliers. Jörg Wuttke, the past president of the European Union Chamber of Commerce in China, calls China a “fitness centre.” Even as conditions there become steadily more difficult, Western multinationals “have to be there. It keeps you fit.”


Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’

Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual

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