Billionaire Jeff Greene Relists Outrageous Beverly Hills Fixer Upper For $129 Million
Inside ‘Palazzo di Amore," back on the market for $129 million. (Courtesy The Agency)
Billionaire real estate investor Jeff Greene’s infamous Palazzo di Amore returns to the market this week after a yearlong hiatus. This time Greene is asking $129 million, a haircut from the original $195 million he sought in 2014. Back then it was the most expensive home for sale in the country. He later cut the price to $149 million in 2015 and officially removed the home from the sales market a few months later. Since the estate has been available to rent, most recently asking $375,000 per month.
The 35,000-square-foot main home is set on 25 Los Angeles acres, an absurdly large plot for the city. There is also a 15,000-square-foot entertainment center complete with a ballroom and bowling alley, as well as a separate guest house making. Altogether there are 12 bedrooms and 23 bathrooms. This is a home for a host. The property also includes a working vineyard. (For more details on the property and Greene’s seven-plus-year mission to restore it, check out Erin Carlyle’s original story on the 2014 listing.)
(Courtesy The Agency)
Listing agents Stacy Gottula and Mauricio Umansky of The Agency say Greene–whose net worth Forbes’ pegs at $3.4 billion–is returning to the market now because, with his kids in school in Florida, the family barely visits their Beverley Hills pied-à-terre. (Gottula had the listing last go and brought it with her when she moved to The Agency.)
More importantly, the agents argue that the L.A. market is ripe for another $100-million-plus-listing and that the ultimate buyer may well be a developer who will spruce up the place and sell it for even more.
Last year, the area saw two $100-million-plus sales, Daren Metropoulos, son of billionaire C. Dean Metropoulos, bought The Playboy Mansion in June for $105 million. In September the storied Owlwood Estate finally sold to a developer for $90 million. Though never officially on the market, Owlwood had been shopped around at $150 million since at least 2013. Then in October private equity billionaire Tom Gores bought a Holmby Hills spec home in a $100 million deal.
Meanwhile, Umansky had the listing for the former Hearst Mansion, which came to market in September for $195 million. At the time it tied the Ziff estate in Manalapan, Fla. for the most expensive home for sale in America. Then in January Developer Bruce Makowsky listed a new spec home for $250 million.
The broader market for nine-figure-homes is less promising. In recent months at least three homes long asking $100-million-plus have taken substantial price cuts. In December the list price for The Estate at Kings Point in New York was lowered to $85 million after a year asking $100 million. This month Michael Jackson’s former Neverland Ranch took a $33 million price cut to $67 million. Just last week the list price of Rancho San Carlos in Montecito, Calif. was reduced 32% to $85 million. It had been asking $125 million since 2014.
It appears a few other mega-listing have been taken off the market since Forbes’ last official tally of $100 million homes in July.