The siege of spec mansions listing for more than $50 million in Bel Air shows no sign of abating.
The latest edifice of extravagance belongs to prolific builder Ardie Tavangarian, who listed a new mega-mansion for $88 million, the Wall Street Journal reported. The eight-bedroom house has about 25,000 square feet of space, with an additional 20,000 square feet of outdoor decks, patios and gardens.
The home includes a movie theatre, art studio, a game room, a state-of-the-art car elevator, and a spa with a sauna, steam room and massage room. A two-story covered deck at the back was designed to look like a picture frame to view the skyline, with the bottom of the frame including a 40-foot fire pit. The property also includes a guest house beneath an outdoor swimming pool.
Builder Ardie Tavangarian listed a new mega-mansion for $88 million. (Credit: Hilton & Hyland)
Tavangarian is founder of Los Angeles-based Arya Group, which has built some of the most expensive properties in the city. He told the Journal that he first wanted to build the home for himself after buying the site for $11.1 million in 2014. But he built it too large for his family, and decided to sell.
Branden Williams, Jeff Hyland and Judy Feder of Hilton & Hyland have the listing.
Sellers of spec mansions in Southern California have a habit of over-pricing by as much as 50 percent, only to slash prices later, some brokerage managers say.
Builder Ardie Tavangarian listed a new mega-mansion for $88 million. (Credit: Hilton & Hyland)
Tavangarian’s projects include a Richard Meier-designed home in Malibu that sold for a record $110 million earlier this year. The seller was Hard Rock Cafe co-founder Peter Morton.
Bel Air is among the priciest neighborhoods in the country in terms of land value. [WSJ] – Gregory Cornfield
Correction: Due to an error in the source article, this report incorrectly stated that Peter Morton bought the $110 million house in Malibu. He actually sold it.