Yahoo Finance Why LA’s Sprawling Villa Firenze Is on the Market for $120 Million—After Selling for $51 Million in 2021
Two years ago, one of the most expensive homes in the world listed for $160 million. Following a whopping 70-percent discount, the Beverly Hills, California, mansion sold at auction last April for $51 million. Now, just over a year later, the property is up for grabs again—and it’s going for more than double what it last sold for.
Known as Villa Firenze, the massive mansion is situated in a gated part of the famous LA neighborhood. Sitting on nearly 10 acres of land, the Tuscan-inspired house boasts 31,624 square feet of living space, which includes 12 bedrooms and 14 full bathrooms. It was built over a five-year period by architect William Hablinski and was finished in 1998 with his signature touches, such as vaulted ceilings and carved moldings. You’ll also find luxe amenities ranging from a pool with a two-bedroom pool house to basketball and tennis courts an even a “practice soccer field”.
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Adam Latham/Sotheby’s International Realty
The North Beverly Park property was the longtime residence of Hungarian-American billionaire Steve Udvar-Hazy and his wife, Christine. Back in 2018, the couple originally wanted $165 million for the abode, according to Dirt. Following its sale at auction, biotech entrepreneur Roy Eddleman has lived alone in the home, which features staff quarters, five ensuite family-style bedrooms and a master suite. The latter includes spacious dual baths, dual dressing rooms and dual private offices. Outside, extensive lawn space and formal gardens further add to the dreamy vibe.
Listing agent Richard Klug of Sotheby’s International Realty tells Robb Report that his client “wants to sell the house because it’s just too much for him.” He goes on to say “the home was built by a family and would be perfect for someone with their own family that could use all the bedrooms and extra space.” The new buyers will also appreciate that Villa Firenze’s entire lighting system, plumbing and water systems have all been updated by Eddleman, too.
Adam Latham/Sotheby’s International Realty
But many buyers may still be wary of purchasing the property. Sure, it’s gorgeous, but what other reasons are behind the huge bump in pricing in just over a year?
“Beverly Hills has become extremely popular lately,” Klug states, and he’s not wrong. Over the past year, the 90210-zip code has seen a spike in big-ticket sales, from the Hearst Estate, which sold for $61 million, to Ellen Degeneres’ former home, which was picked up for $47 million. In 2021, Adele paid $58 million for Sylvester Stallone’s former estate in Beverly Park.
Adam Latham/Sotheby’s International Realty
Additionally, Villa Firenze boasts more acreage than most of those homes, which was a big factor in Eddleman’s decision making. “We started at $70 million and went on to compare comps of nearby housing,” says Klug. “One with approximately the same square footage only had 2.2 acres and cost at least $50 million. It also costs about $10 million per acre for the flat land that comes with the [Villa Firenze] property.” With that said, nearly $100 million of the price is accounted for in the estate’s 9.85-acre grounds alone.
If you’ve got a little extra cash to drop on the mega mansion, or would like to know more, contact Richard Klug at Sotheby’s International Realty, who holds the listing. Check out more images of the estate below:
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