Los Angeles will soon have a 500,000,000 house listed for sale

[Chase Unperson]

Of course it will likely never sell for that much, but I can't conceive of paying over 100,000,000 for a house. That is more money than ten generations of my family will earn unless one of use becomes a huge rockstar, A list actor, financial big wig or tech giant.

http://www.wsj.com/articles/where-pr...trending_now_3

By CANDACE JACKSON
Oct. 29, 2015 9:49 a.m. ET
In a new development of three spec homes in the tony Los Angeles neighborhood of Bel Air, one property will have a 15,000-square-foot guesthouse. Another home has plans that call for a “Champagne room,” a chilled, glass rotunda with walls filled with bubbling liquid. A third home will have a 2,100-square-foot spa with separate steam and massage rooms.

The only thing missing: a crowd of buyers who can afford to live in them. The Park Bel Air, the 11-acre development currently under construction, has asking prices that start at $115 million—and go up to $150 million with upgrades and custom furnishings.

“There are probably only about 3,000 people [in the world] who can afford this,” says Barry Watts, the Los Angeles-based president of Domvs London, the Park Bel Air’s developer. The buyer “needs to be a billionaire.”

In Los Angeles, the latest trophy homes—many of them speculatively built—may top the $100 million mark. Sales at eye-popping prices have been fueled partly by wealthy international buyers who traditionally shopped for second homes in places like New York, London or Monaco, but have lately turned their sights on Los Angeles.

Currently there are more than four dozen homes on the market in the L.A. area priced above $20 million, and the priciest trophy homes seek over $50 million. The most ambitious of the projects: A spec home under construction in Bel Air will hit the market when it’s completed next year with an unprecedented asking price of $500 million, according to its developer, Nile Niami

[the urban politician]

Originally Posted by Chase Unperson

Of course it will likely never sell for that much, but I can't conceive of paying over 100,000,000 for a house.

^ Yeah, the most I'll ever pay is $75,000,000. Tops...

[fflint]

Originally Posted by the urban politician

^ Yeah, the most I'll ever pay is $75,000,000. Tops...

Then you don't deserve the Champagne Room, you dirty peasant!

[mhays]

A house valued in the millions is one thing. In the hundreds of millions it's wasting your ability to do more important things with your money, whether it's growing your business or endowing a university or whatever.

If I was a billionnaire I'd donate most of it for transit lines, schools, etc.

[bobdreamz]

and poor Michael Jordan can't even get $15 Million for his mansion in flyover country!

http://bleacherreport.com/articles/2...ery-air-jordan

[Xing]

Originally Posted by bobdreamz

and poor Michael Jordan can't even get $15 Million for his mansion in flyover country!

http://bleacherreport.com/articles/2...ery-air-jordan

Fly over country?

[mousquet]

Originally Posted by fflint

Then you don't deserve the Champagne Room, you dirty peasant!

Mah, this is a bit insulting to Champagne! Really, it's never been that hilariously pricey. You get some for 30 bucks a bottle here. Only the better brands might cost a couple of hundred euros/dollars a bottle. And you still get a whole darn freighter of it for the cost of one of those homes. Enough to drink Champagne every day for the rest of your life.

Champagne room... If they saw what Champagne actually is, they may be surprised. Widely a rural region of humble peasants, precisely.

These $100+mi homes are funny anyway. Some billionaire weirdo fantasy, once more. Can I get a couple of condo supertalls instead, to house a few thousand families in great modern conditions? Lol

[Reverberation]

Imagine the leverage. You make a few calls and the 30 or so other people who can afford the house don't want it. That's when it's time to negotiate.

[M II A II R II K]

Some Arab royalty will buy it and the likes of Delta Force will be that house's personal security.

[fflint]

Originally Posted by mousquet

Mah, this is a bit insulting to Champagne! Really, it's never been that hilariously pricey. You get some for 30 bucks a bottle here. Only the better brands might cost a couple of hundred euros/dollars a bottle. And you still get a whole darn freighter of it for the cost of one of those homes. Enough to drink Champagne every day for the rest of your life.

Champagne room... If they saw what Champagne actually is, they may be surprised. Widely a rural region of humble peasants, precisely.

These $100+mi homes are funny anyway. Some billionaire weirdo fantasy, once more. Can I get a couple of condo supertalls instead, to house a few thousand families in great modern conditions? Lol

Peasant, please.

The Champagne Room is named not after some sad, impoverished French terroir, but rather it is named for its "chilled, glass rotunda with walls filled with bubbling liquid." You know, just like Mum's house.

[The North One]

Originally Posted by mousquet

Champagne room... If they saw what Champagne actually is, they may be surprised. Widely a rural region of humble peasants, precisely.

HAHAHAHA, Does this mean you don't like Reims? Peasant capital of France? or is it all of Champagne-Ardenne?

[mousquet]

Originally Posted by fflint

Peasant, please.

The Champagne Room is named not after some sad, impoverished French terroir, but rather it is named for its "chilled, glass rotunda with walls filled with bubbling liquid." You know, just like Mum's house.

Wo wo wo, wait, wait... Look at yourself trying so hard to be contemptuous... You like what you see? I doubt it.

You didn't understand my comment. It wasn't particularly intended to yours although I quoted it. But you know what? I'd still choose anything rural in France over your place anyway, anytime. I think our countryside will be better off when you or any other freak in the world stop using the names of our places and products abusively. That's exactly what I meant. We should sue the dumb ass of those people for that.

[mousquet]

Ah, yeah, "peasant" literally translates to paysan. But it's no longer a derogative term at all here. It's actually kind of rewarding these days...

You know what the average "peasant" is here? It's a guy watching both his upper quality fields in this lovely countryside of ours and his random iphone and ipad to constantly stay in touch with agricultural prices. It's funny like peasant is one of the most connected job of this country nowadays.

Really, when we get more business-friendly and aggressive, I guess you should get ready for your butt kicked. Cause we no longer have that kind of bias over here. We just don't give a fuck, which is dangerous to you all.

[Labridniv]

I did the landscaping for a 2.7 million dollar mansion a year ago, it was big enough and it had a $130,000 pool in the back yard. The owner bought a weird looking car for $20,000 right after it got finished and we went for a ride, it was called a slingshot. What could a mansion possibly have to be worth even just $100,000,000? Places that cost that much have a VERY limited amount of potential buyers and If I had 50 billion dollars I wouldn't be one of them. When your rich you can live in whatever you want and where ever you want, that narrows it down a little more.

Its weird how some people in the world can burn a $100 bill any time they want and other people in the world absolutely cant loose a $100 dollar bill. Is society unfair? In the United states there are almost a million people who have more then 5 million dollars.

[Gresto]

Disgusting hedonism and decadence.

[DePaul Bunyan]

If I had that kind of money I wouldn't spend it on a house, I'd buy land/an island.

[Crawford]

Originally Posted by mousquet

You know what the average "peasant" is here? It's a guy watching both his upper quality fields in this lovely countryside of ours and his random iphone and ipad to constantly stay in touch with agricultural prices. It's funny like peasant is one of the most connected job of this country nowadays.

My German relatives who are "peasants" are wealthier than my German relatives who are educated urban professionals. The peasants own vineyards and are very prosperous. Their land holdings, in the family for centuries around the Rhine and Mosel and Nahe rivers, are almost guaranteed (small scale) wealth for every generation.

Re. the article, asking prices are irrelevent. It's sales prices that count. This home will never sell for 500 million (it probably won't sell for even a third of that price), so it's just a gimmick to generate media hype.

[hauntedheadnc]

Originally Posted by Chase Unperson

In a new development of three spec homes in the tony Los Angeles neighborhood of Bel Air, one property will have a 15,000-square-foot guesthouse. Another home has plans that call for a “Champagne room,” a chilled, glass rotunda with walls filled with bubbling liquid. A third home will have a 2,100-square-foot spa with separate steam and massage rooms.

This kind of reminds me of the Winchester Mystery House in the way that Sarah Winchester built weird shit onto her house after she ran out of normal things to build. In this case though, it's a matter of building stupid, pointless shit onto the house after you've run out of conventional ways to jack the price up.

[PhillyRising]

I can understand this....I watch Million Dollar Listing LA and it's amazing what crappy houses go for a few million out there.

They showed a vineyard on top of a hill that is worth a billion dollars. The number of houses that get torn down for something bigger and more expensive seems to be all the rage in the hills. It's all about having a view.

[Busy Bee]

I read the title 3 times as 'LA will soon have 500,000,000 houses for sale.'

I think I need to go to the doctor.