The most expensive residential real estate listing just had its price slashed after five months on the market.
According to a Barron’s report, the Bel Air, California-based Casa Encantada, which was listed for a record-high of $250 million in June, was discounted by $55 million and is now available for $195 million.
Casa Encantada twice made history as the most expensive single-family residential sale – first in 1980 in a $12 million transaction and again in 2000 in a $94 million sale. Now that it had a discounting, the property appears to be unlikely to break the record for the most expensive single-family residential sale in U.S. history, which was achieved via the $240 million shelled out in 2019 by hedge fund executive Ken Griffin for a penthouse on New York City’s Billionaires’ Row.
Casa Encantada was constructed in 1938 for Hilda Weber, the widow of Cincinnati glass manufacturer Charles Boldt. She sold it to hotelier Conrad Hilton in 1950 for $225,000 – her original asking price was $1.5 million. The current owners, billionaire financier Gary Winnick and his artist/author wife Karen Winnick, acquired it in 2000 – the couple unsuccessfully tried to sell the house in 2019 for $225 million.
The 8.4-acre property boasts a 20,725-square-foot residence with seven bedrooms and 17 bathrooms. Also included are a swimming pool, a movie theater, tennis court, basketball court, multiple greenhouses and koi ponds.
Photo courtesy Realtor.com
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