The Most Expensive U.S. Listing Is a $340 Million Work in Progress
Developer Mohamed Hadid is behind the under-construction megamansion.
Developer Mohamed Hadid is behind the under-construction megamansion.
A house vying to become the most expensive in the U.S. doesn’t even exist yet.
With an enormous $347 million asking price, an extravagant and under-construction megamansion in Los Angeles is now the most expensive home on the U.S. market.
Listed Thursday, the 7245sqm property’s nine-figure price tag surpasses that of anything else being marketed for sale on public listing portals across the country, according to records with online property database Zillow.
It dwarfs the asking price of the second most expensive property on the public market, a Manhattan penthouse asking approx. $234 million, records show. And if it sells for that price it’ll beat the record-setting sale of the $238 million Manhattan apartment bought by billionaire hedge-fund manager Ken Griffin in 2019.
The owner of the mammoth Beverly Hills trophy home is a limited liability company managed by real estate developer Mohamed Hadid, per company filings, and the multi-level home on close to 37 acres is the largest property ever permitted in the city, according to the listing with Rodrigo Iglesias and Helena Deeds of Hilton & Hyland.
“Nothing compares,” touts the listing, adding that it’s “the finest compound ever to be completed.”
Positioned on the winding streets that overlook the city and close to Franklin Canyon Park, the mansion is to be equipped with a total of 19 bedrooms and 28.5 bathrooms, the Beverly Hills compound will have an impressive catalog of high-end amenities spread over its main house and guest house.
They’ll include a bowling lane, a bar, a massage room, a wine tasting room, a cigar lounge, a wine cellar, a 36-person theatre, a Turkish bath, a pool and a pool bar, and a five-car garage with two vehicle turntables.
Construction is expected to be complete in less than 24 months, according to Forbes, which first reported the listing.
Potential buyers have the option of purchasing the home upon completion for the full $347 million, or the unfinished property can be bought when only the foundation is completed for $92 million, according to the listing.
It’s not clear how much Mr. Hadid, 72, paid to acquire the plot the home will sit on. The developer, father of supermodels Gigi and Bella Hadid, last month appeared in court over his controversial construction of a mansion in Bel Air. He could not be reached for comment.
The surge at that very top end is being propelled largely by increased wealth, a renewed focus on and appreciation of what home is and a lack of other spending options over the past year, according to experts.
In the four months to the end of April, the $50 million-plus market was well ahead of previous years. Sellers across the country had already listed 30 ultra high-end homes at that price level and seriously deep-pocketed buyers had purchased eight, Mansion Global previously reported.
Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: August 20, 2021
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
Home to Sir Robert Menzies and Dame Pattie, this grand Melbourne estate is a piece of Australian political history.
It may be a well-worn cliche, but if these walls could talk there would be plenty of state secrets to share. The landmark residence at 8-10 Howard St, Kew was once the private residence of Sir Robert Menzies and Dame Pattie between 1929 and 1949, during the Prime Minster’s first term in the top job. He later held the role again from 1949 to 1966, making him Australia’s longest serving Prime Minister.
Historical land records indicate that the Howard St property was sold to Leonard Clinton Shaw, brother-in-law of Pattie Menzies. Robert and Patti then moved to live into The Lodge in Canberra.
The stately arts and crafts era home was built in the 1910s and has reportedly played host to a long list of dignitaries and VIP guests. As rumour has it, the drawing room of the Kew property is where Menzies crafted his iconic speeches and held many clandestine meetings.
Today the imposing five-bedroom residence, which sits on a vast 1874sq m land parcel in the coveted Studley Park precinct, has come to market through Marshall White agents James Tostevin and Chris Barrett with a price guide of $8.3 million to $8.9 million.
According to CoreLogic, the property last sold in 2018 for $7.75 million.
Beyond the expansive parklike grounds that to pay homage to celebrated Australian landscaper Edna Walling, the two-storey house is packed with meticulously maintained period features.
Showcasing the best of arts and crafts design influences, the home has a charming tuck-point brick façade, a tessellated tile veranda, coloured leadlight glass windows, dark stained wood panelling inside, as well as high decorative ceilings and cornices.
The large foyer divides the lower level into two distinct zones; big formal rooms and more casual family-friendly spaces. Built for entertaining on a grand scale, both the lounge and dining rooms rooms have original fireplaces and open out to either the undercover veranda or enclosed sunroom.
Also on the ground level, a spacious family room with yet another fireplace connects to an everyday meals area, and the contemporary kitchen comes complete with granite surfaces, a Paul Bocuse stove, an integrated Miele dishwasher, a walk-in pantry and wine cellar. A home office, or potential guest bedroom, plus a large laundry and two powder rooms round out the lower level floor plan.
Up via a majestic timber staircase, four big bedrooms have fireplaces and built-in wardrobes, while the primary suite is home to a palatial ensuite and dressing room. This accommodation level also houses two family bathrooms and a rear balcony that overlooks the grounds.
Outdoors there are multiple lifestyle features including a north/south tennis court with lighting, a unique rounds swimming pool and all-weather terraces.
Other features include an alarm, hydronic heating, a 60,000L underground tank, a garden shed, a remote double garage and additional off-street parking.
Located on the old Oakland Estate, the Menzies’ former home is close to popular eateries, Xavier College, St Vincents Private Hospital and golf courses.
Expressions of interest close on March 11, at 5pm for 8-10 Howard St, Kew. The home is listed with a price guide of $8.3 million to $8.9 million through agents James Tostevin and Chris Barrett of Marshall White.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.