Wednesday, February 27, 2013

redefining “extravagant.”

The current luxury real estate market is redefining “extravagant.”

First, a 8,930-square-foot house on nine acres in Northern California found a buyer for a state record-breaking $117 million. Then word came that financier Gary Winnick is quietly asking $225 million for his trophy home on an 8.4-acre knoll in Bel-Air.

Now, a Beverly Hills estate is being offered for lease at $600,000 a month, dwarfing the $150,000 a month asked for summer months at Malibu’s finest properties or the $100,000 a month paid by singing legend Michael Jackson for his last residence in Holmby Hills.  

In three decades of selling Westside real estate, it is the highest price for a lease that listing agent Jeffrey Hyland of Hilton & Hyland has seen. “It may be the most expensive lease in the country.”

The Mediterranean-style Beverly House was built by local banker Milton Getz in the 1920s but is more commonly remembered for its former residents: publishing magnate William Randolph Hearst and actress Marion Davies.

Later, it served as a honeymoon spot for Jacqueline and John F. Kennedy.

No comments: