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The Thriving High-End Market
Recently, high-end homes have sold for prices ranging from $10 million to $45 million, and it’s showing no signs of slowing down. Even amidst the coronavirus rampage and the newly-imposed safety guidelines (restricted showings and quarantine orders), eight sales of $10 million or more successfully closed at the end of April. The two houses that caught the most attention were sold for over $35 million.
The co-founder of Uber, billionaire Tavis Kalanick, purchased a Georgia Frontiere estate for $43.3 million. This property spans the distance of nearly 2 acres and has been continuously upgraded and renovated since its establishment. With approximately 20,000 square feet, the mansion is equipped with a wine vault showcased in limestone, a wood-paneled office, and a hidden bar. Among the 7 bedrooms and 9.5 bathrooms are 2 extravagent master suites. The price began at $75 million in 2019 and was decreased to $68 million this year.
The second highest-selling property is a Bel-Air mansion that retailed for $36.5 million. This property was purchased by the famous makeup mogul Kylie Jenner. She is known for her best-selling cosmetics line, and is believed to be the world’s youngest billionaire. This estate is 15,000 square feet with 7 bedrooms and 14 bathrooms, and is merely an addition to Jenner’s collection of luxury estates. The successful 22 year old owns a mansion in Beverly Hills, several houses in Hidden Hills, and land in La Quinta. Her newest acquisition, the Bel-Air Estate, spans across an acre and includes a guest house, a basketball court, and approximately 5,000 square feet of free patio space. This house conveys a minimalistic design with an intricate interior and multiple lounges/game rooms.
Although in the midst of the coronavirus, the Lee Iacocca estate in Bel-Air sold for $19.5 million. This property on Chalon Road sold to a trust connected to Lily Ghalichi (known for her role on “Shahs of Sunset”). It was originally listed for $25.999 million. This rustic, Italian home contains a wood-paneled den, a grand foyer, and an entertainment room. There are five toasty fireplaces and a total of 5 bedrooms and 8 bathrooms. Hilton and Hyland agents represented the listing.
Though the coronavirus outbreak changed the guidelines of real estate, properties are still being bought and sold, and agents from the VB Realty Group are ready to help you find your dream home.
To read Neil J. Leitereg’s full article, click the link below.
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