The Over-the-Top Mansions Billionaires Just Can’t Sell
The Over-the-Top Mansions Billionaires Just Can’t Sell
realtor.com
A billionaire’s home may have it all—over-the-top amenities and square-footage measurements in the tens of thousands are just some perks—but that doesn’t mean it sells right away when it hits the market.
Take billionaire real-estate developer Jeff Greene, who nabbed a gaggle of headlines in 2014 when he listed his gated Palazzo di Amore estate in Beverly Hills, Calif., for an eye-popping $195 million. At the time, that stratospheric price made this 25-acre property the nation’s priciest listing.
But sometimes the mighty fall.
After a year off the market, Palazzo di Amore just returned for $129 million—a full $66 million off its original asking price, Forbes reports. And this isn’t the spread’s first major price cut; in 2015, Greene slashed the price by $46 million to $149 million. It’s also been available for rent—most recently asking $375,000 per month.
Still, nobody seems to want it. This estate, which Greene nabbed for $35 million in 2007 and spent millions more renovating, includes a 35,000-square-foot main home, a separate guest house and a 15,000-square-foot entertainment center featuring a ballroom and bowling alley. The grounds also house a vineyard.
It might be a bit of a hit to his ego, but Greene isn’t alone. Below, a look at two other billionaire-owned mansions that aren’t flying off the shelves.
Max Azria | Los Angeles, Calif.
Inside fashion mogul Max Azria’s California home. | realtor.com
Fashion designer Max Azria first listed this 60-room Holmby Hills pad in 2015 for a cool $85 million. But after it languished on the market for eight months, he grabbed it back—only to relist it with a different brokerage firm last March for $3 million more.
The compound is still on the market for that $88 million ask.
The Wall Street Journal first reported the price change, with one of the new listing agents crediting it with the rising prices for luxury homes in the City of Angels.
Dubbed Maison du Soleil, the 30,000-square-foot residence has 17 bedrooms, 22 bathrooms and a full roster of leisure spaces. Perks include a 6,000-square-foot movie theater, a swimming pool with a bar, a tennis court and a greenhouse.
Richard Kurtz | Alpine, NJ
The indoor basketball court at New Jersey’s priciest listing, which first debuted in 2010. | realtor.com
Richard Kurtz, a real-estate developer whose net worth is reportedly $1.4 billion, first listed the sprawling 30,000-square-foot mansion he built at 18 Frick Drive in affluent Alpine, NJ, in 2010 for $68 million.
That high price made the 12-bedroom pad the Garden State’s priciest. Seven years on, it has yet to sell.
Having gone on and off the market, the home—which Kurtz has never lived in—will soon return for $48 million, Bloomberg reports. That price tag still makes it New Jersey’s priciest listing.
“I’m not giving it away,” Kurtz told Bloomberg. “There’s a lot of house, with a lot of value, and a very smart buyer will recognize that.”
Details include an indoor basketball court, a movie theater, a pool and a garage for 11 cars.
But he’s quick to confess that the potential pool of buyers is quite shallow (which is probably the issue with all of these lavish lairs).
“You’re dealing with a limited audience,” he told Bloomberg, adding that despite all the press around this property, no real buyers have materialized. “I spoke to somebody who deals with athletes, and even if they make $15 million a year, they can’t afford this house.”
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