The Most Expensive U.S. Listing Is a $340 Million Work in Progress
Kanebridge News
Share Button

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


Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

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

Related Stories
Greener Homes, Living Alone And Ongoing Rate Pain
By Bronwyn Allen 28/11/2023
Why Stars Are Renting Out Their Homes for Dirt Cheap
By ASHLEY WONG 28/11/2023
London’s Luxury Home Market Has Been Dragging for Years. These Sellers Are Diving in Anyway.
Greener Homes, Living Alone And Ongoing Rate Pain

Ray White’s chief economist outlines her predictions for housing market trends in 2024

By Bronwyn Allen
Tue, Nov 28, 2023 2 min

Ray White’s chief economist, Nerida Conisbee says property price growth will continue next year and mortgage holders will need to “survive until 2025” amid expectations of higher interest rates for longer.

Ms Conisbee said strong population growth and a housing supply shortage combatted the impact of rising interest rates in 2023, leading to unusually strong price growth during a rate hiking cycle. The latest CoreLogic data shows home values have increased by more than 10 percent in the year to date in Sydney, Brisbane and Perth. Among the regional markets, price growth has been strongest in regional South Australia with 8.6 percent growth and regional Queensland at 6.9 percent growth.

“As interest rates head close to peak, it is expected that price growth will continue. At this point, housing supply remains extremely low and many people that would be new home buyers are being pushed into the established market,” Ms Conisbee said. “Big jumps in rents are pushing more first home buyers into the market and population growth is continuing to be strong.”

Ms Conisbee said interest rates will be higher for longer due to sticky inflation. “… we are unlikely to see a rate cut until late 2024 or early 2025. This means mortgage holders need to survive until 2025, paying far more on their home loans than they did two years ago.”

Buyers in coastal areas currently have a window of opportunity to take advantage of softer prices, Ms Conisbee said. “Look out for beach house bargains over summer but you need to move quick. In many beachside holiday destinations, we saw a sharp rise in properties for sale and a corresponding fall in prices. This was driven by many pandemic driven holiday home purchases coming back on to the market.”

3 key housing market trends for 2024

Here are three of Ms Conisbee’s predictions for the key housing market trends of 2024.

Luxury apartment market to soar

Ms Conisbee said the types of apartments being built have changed dramatically amid more people choosing to live in apartments longer-term and Australia’s ageing population downsizing. “Demand is increasing for much larger, higher quality, more expensive developments. This has resulted in the most expensive apartments in Australia seeing price increases more than double those of an average priced apartment. This year, fewer apartments being built, growing population and a desire to live in some of Australia’s most sought-after inner urban areas will lead to a boom in luxury apartment demand.”

Homes to become even greener

The rising costs of energy and the health impacts of heat are two new factors driving interest in green homes, Ms Conisbee said. “Having a greener home utilising solar and batteries makes it cheaper to run air conditioning, heaters and pool pumps. We are heading into a particularly hot summer and having homes that are difficult to cool down makes them far more dangerous for the elderly and very young.”

More people living alone

For some time now, long-term social changes such as delayed marriage and an ageing population have led to more people living alone. However, Ms Conisbee points out that the pandemic also showed that many people prefer to live alone for lifestyle reasons. “Shorter term, the pandemic has shown that given the chance, many people prefer to live alone with a record increase in single-person households during the time. This trend may influence housing preferences, with a potential rise in demand for smaller dwellings and properties catering to individuals rather than traditional family units.”


Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

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

Related Stories
The Hunt for Crypto’s Most Famous Fugitive. ‘Everyone Is Looking for Me.’
By Marko Vešović, Bojan Stojkovski, Ivan Cadjenovic and Paul Kiernan 30/10/2023
Room to breathe at the Bend
By Belinda Aucott 10/11/2023
Starbucks’ New CEO Tells Investors He Plans to Follow the Schultz Roadmap
By Sabrina Escobar 03/11/2023
    Your Cart
    Your cart is emptyReturn to Shop