The Most Expensive U.S. Listing Is a $340 Million Work in Progress
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The Most Expensive U.S. Listing Is a $340 Million Work in Progress

Developer Mohamed Hadid is behind the under-construction megamansion.

By Liz Lucking
Tue, Aug 24, 2021 11:25amGrey Clock 2 min

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



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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

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The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

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