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Welcome back to the Real Estate newsletter. It’s been a relatively quiet summer on the luxury front, but this week, we finally saw the extremes that the Southern California market is capable of.

First, we stopped by a dinner party in West Hollywood. The dinner: Champagne, caviar and filet mignon with caramelized heirloom truffle. The party: a mix of L.A.’s top real estate agents catered to by “personal concierges” and entertained by a live singer in a glittery red gown.

The occasion: the opening of a stunning new penthouse that’s on the market for a whopping $50 million. If it gets its price — or anything close — it will be the priciest condo sale in L.A. history, and we explored how such a price tag even became possible.