A Los Angeles mansion that was briefly the most US expensive home listed for sale is scheduled to be sold in a foreclosure auction.
The Wall Street Journal reports the 8.5-acre Casa Encantada, which made headlines in 2023 with an audacious $250 million listing price, will be auctioned on Dec. 16 behind a fountain in Pomona’s Civic Center Plaza. The property’s last owner was financier Gary Winnick, who acquired it in 2000 for $94 million.
Winnick sought the lofty sale price to cover debts from one of his business entities tied to the real estate firm CIM Group – the entity borrowed $100 million in 2020 but fell behind on its payments, which ballooned to more than $150 million. CIM ordered Casa Encantada and a Winnick family home in Malibu to be sold at auction.
The property’s seven-bedroom mansion was built in the 1930s and spans roughly 40,000 square feet. Hotelier Conrad Hilton and Dole Food executive David Murdock were among its former owners.
Amjad M. Khan, an attorney for Winnick’s widow Karen, issued a statement that said, “We are assessing all appropriate legal actions and remedies in response to the announced foreclosure sale.”
Photo courtesy of Realtor.com
Can’t take it with you.
Do you have any details on the auction? Who’s managing it?