Karen Winnick hopes another price cut on Casa Encantada to $165 million might help nab the right buyer for the 60-room mansion.
The price change is a $30 million reduction, following a $55 million haircut to the asking price about a year ago.
Compass’ Josh Flagg, one of the listing agents for the Bel-Air estate, called it one of the country’s “finest residences.”
“If this was 2017, the house would be sold by now, but given the state of the market, there aren’t buyers lining up around the block for any house over $100 million,” Flagg said in a statement to The Real Deal. “With that said, there are people out there that can afford a house like this, and it just takes that one person.”
Flagg is listing the property at 10644 Bellagio Road with Westside Estate Agency co-founder Kurt Rappaport and Carolwood Estates co-founder Drew Fenton.
The price reduction leaves the Pritzker estate at 1261 Angelo Drive, built by Hyatt Hotels heir Tony Pritzker and philanthropist Jeanne Pritzker, as L.A. County’s priciest home on the market at $195 million. Rappaport and Westside Estate Agency co-founder Stephen Shapiro hold the listing for the 6-acre property.
Winnick and her late husband Gary Winnick, the billionaire financier who died last year, placed the home on the market last June for $250 million. Had it sold near that price, it would have set a state record.
Gary Winnick made his fortune off the fiber optic cable company Global Crossing before starting the family office and investment firm Winnick & Company. The Los Angeles Business Journal estimated his wealth last year at $2 billion on its list of the city’s wealthiest business executives. He passed away last November at the age of 76.
The Winnicks paid $94 million for the 40,000-square-foot estate in 2000, purchasing it from former Dole Foods chair and billionaire David Murdock, who called it the “Bellagio House.” The couple spent a year-and-a-half restoring the property, going as far as to hire eight artists from Paris to handle the dining room wall refinishing.
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Conrad Hilton is also part of the home’s ownership lineage; he lived at the home unti lhis death in 1979. Architect James Dolena designed the seven-bed, 20-bath home in 1937 for its original owner, heiress Hilda Boldt Weber.
The estate is on more than 8 acres, with 14-foot ceilings in the entry, Deco Hollywood-style moldings, a screening room, 60-foot pool, sports court and multiple gardens.