Dubai: Developers are starting to dream big again in California — at least one is with the launch of what is being billed as the most expensive home — at $250 million (Dh918 million) — in the US.
Luxury developer Bruce Makowsky unveiled the project on Wednesday in the form of a 38,000 square foot construction located at 924 Bel Air Road in Los Angeles. It lays claim to being the “most expensive home ever listed for sale in the US”.
And apart from the 38,000 square feet sprawl within, there will be additional 17,000 square feet of entertainment decks, an 85-foot glass tile Infinity pool, a 40-seat 4K Dolby Atmos Theatre and four-lane bowling alley/lounge. The add-ons don’t end there — an auto gallery with cars valued at more than $30 million comes with it and so do more than 100 curated art installations. For a bit of rest and quiet, there are two master suites and 10 VIP guest suites. (It took four years to build.)
“Until now, the ultra-luxury market was void of homes that even came close to matching the level of mega-yachts and private jets that billionaires spend millions of dollars on every year,” said Makowsky. “There are hundreds of new billionaires created each year and they are increasingly setting their sights on this coveted enclave of California for everything the state has to offer.
“This home was curated for the ultimate billionaire who wants the best of everything that exists in life.”
The developer’s got form with super-prime property — in 2015, he booked the sale of a $70 million spec home in Beverly Hills.
Highly desirable market
According to a company spokesperson, “The 924 Bel Air Road is the ninth spec home built by developer Bruce Makowsky within the platinum triangle of Los Angeles, the exclusive enclave encompassing Beverly Hills, Holmby Hills and Bel Air. Southern California continues to be a highly desirable market for international buyers for its climate, endless entertainment and unparalleled lifestyle.
“Four home sales within a three-mile radius of 924 Bel Air Road had sale prices reaching $100 million over the past three months ... point to a growing demand in the market for this calibre of home. California has proved stronger than ever and we don’t see this category of the market slowing down anytime soon.”
If so, buyer sentiments in sunny California are running markedly different to what sellers are experiencing in the higher reaches of Manhattan luxury towers. Sales of super-premium units have stalled, and developers had to weigh in with sweeteners or outright price slash.
Interestingly, it was mid last year that a developer in New York put up a price tag of $250 million for a four-floor apartment at 220 Central Park South. At the time, it beat the $100.5 million for a penthouse at One57, another New York skyscraper.
The Bruce Makowsky spokesperson said the luxury home market is unlikely to lose out on momentum, and in the space the company is chasing — “The US real estate market, especially in Southern California, is completely void of homes for the ultra-affluent,” he said.