The brokers square off to sell a spectacular Hollywood Hills home. But the remote location, massive undertaking to care for a 100-year-old home, and other factors made this place stay empty for decades. It has also been updated to reflect that Playa Vista Isle is located in Hillsboro Beach, Florida; an earlier version misstated the name of the municipality. The top bid brought the final sale price to $63.1 million and transferred the home to Berggruen Holdings, the investment vehicle of billionaire Nicolas Berggruen's charitable trust. Dr. Alex Khadavi, a celebrity skin doctor in Los Angeles, was hoping for a quick sale and big payday when he finally completed a 21,000-square-foot mansion that took seven years and tens of millions of dollars to develop. So, if they already bought their home, did they just go around looking at listings and pretend they were interested? This mega mansion comes with a spa, a nightclub. Unfortunately, dreams aren't real, and apparently neither is the initial conceit of Yard Crashersif another Redditor who claims third party knowledge is to be believed. The infamous mega-mansion called The One sits high atop Bel Air and spans 100,000-plus square feet with 21 bedrooms, 42 baths, a 30-car garage, 60-foot indoor pool and massive nightclub. The Hamptons, New York Originally priced at $44.8m since 2019. Chattanooga, Tennessee - originally cost millions to build. Bel Air mega mansion marketed as Americas most expensive residence sold in a bankruptcy auction on Thursday with a winning bid of $126m, a fraction of its reported original asking price of half a billion dollars. The house currently has no buyers and thus, is without a price tag. 1. It took 10 years to build the residence located at 944 Airole Way, and along the way the developer racked up a mountain of debt topping $120 million, according to court filings. After being abandoned in the 1970s, it has struggled to find a buyer. But experts say Saghian will likely need to spend many millions more to finish the home and obtain a certificate of occupancy. However,Women's Health showed that the show might not be as real as it portrays. Farmington, Connecticut - originally priced at $14.5 million. Each estate eventually sold at a discount of more than 60% from the initial asking . Malibu, California Originally priced at $14.5m since 2010. This place is meant to have different experiences depending on the angle you look at it from. Very few reality home shows leave us weeping and holding our chest quite likeExtreme Makeover: Home Editiondid. Beachfront Bargain Huntwas a hit with audiences. Even after the auction fees, Saghian managed to hack $359 million, or almost 72%, off the original price tag of 10 years prior. A Bel Air mega mansion marketed as Americas most expensive residence sold in a bankruptcy auction on Thursday with a winning bid of $126m, a fraction of its reported original asking price of half a billion dollars. First, go Behind The Gates with our hosts as they tour spectacu. She ended up using her own home on the show, and they all pretended it was summer while it was actually freezing cold. Published Tue, Apr 19 2022 2:08 PM EDT Updated Thu, Apr 28 2022 12:20 PM EDT. An auction can act as a metaphorical real-estate guillotine, slicing inflated asking prices in half or worse, according to a CNBC review of recent sales. However, it turns out the show isn't quite as real as one might think. Some people are into art, some people are into wine, some people are into cars, some people are into everything. I had to do what I had to do," he said. A Los Angeles mega-mansion that was the biggest U.S. home to ever go up for auction sold for $141 million, including commissions, when bidding closed Thursday. Both Gould and Gold were present in the courtroom to witness the billionaire bidding war that ensued. The super-high art architecture project, however, makes it hard to move. In October 2021 when the deal closed, the Hearst Estate edged out both Playa Vista Isle and Villa Firenze to become the most expensive home to ever sell at auction, but the price was still about $131.9 million lower than the 2016 asking price, a 68% cut. This twenty-five-acre home went on the market in 2019. The mega- property went public and everyone was interested in seeing what would happen. However, being on the market for nearly two years, its glamorous style seems to be struggling to find its glamorous owner. $250 million asking price; 33,000 square foot under roof; 65,000 acres of land! And it's not the only mansion having trouble selling Brentwood, Tennessee - originally priced at $3.25 million. However, the two cities that are the most popular with fans are Los Angeles and New York due to the characteristics of the realtors. For starters, the establishing shots they used, which are supposed to be general exterior shots of the surrounding neighborhood, were nowhere near Pruitt's house. It also included this charge: "These characters are actors or television personalities playing a role for the camera, and in this case none of them played more than a casual role in the actual renovation process. The sports star bought his place for a low $4m. He spent the next seven years crafting an amenity-loaded mega-mansion on . Sometimes reality TV lovers can't help but wonder how much is true and how much is completely scripted. S14 - E4 Gentlemen Prefer Blondes. But the house wasnt the issue it was the area. The local luxury home market made its debut this month on AWE's "Selling Mega Mansions" but despite interest from the real-life couple who's featured in the episode, the property appearing on . The home, plus an undeveloped lot next door, sold for $42.5 million. Apparently the Starrett couple is haunting the place. 10.30 months of inventory to is available for sale. Of his companys roughly 8,000 verified private clients, he said, 267 are billionaires. It's a contractual obligation from the New Jersey towns planning board. She might have to lower that price tag. While the identity of the buyer must be disclosed as part of the ongoing bankruptcy proceedings, it might be a corporation or an LLC designed to shield the identity of the purchaser, he said. After more than a decade, rapper-actor-TV producer 50 Cent finally sold his suburban Connecticut mansion (a monument of success, excess and regress) at a loss for $2.9 million84% less than his . Eddleman is the founder and former chair of Spectrum Labs, which was acquired by pharmaceutical company Repligen for $359 million in 2017. Production design by Rick Carter ("Lincoln") Time frame: mid-1950s through mid-1960s. Now, this house is selling for just $10. Bronx, New York - originally priced at $3.5 million. The New York Post labeled it the latest example of a hyped Los Angeles mega mansion that failed to perform, and suggested its failure to meet the listing price meant that the citys cheeseball taste in real estate might be starting to improve. While the first one focused on decorating the homeowner's existing house, the latter found a new one. Looking for your dream home or curious what a dream home can offer? Distress sales and 9-figure discounts: Hard-to-sell mega-mansions find a last resort at real estate auction. Its stocked to the brim with luxeries and theres a rumor that Angelina Jolie stayed there during her divorce. But since then, the price has steadily dropped to $24 million and we're still counting! Theres no word yet if the deal was closed. Nah, that would be too easy! And while each transaction carried an eye-popping final bid, the three mansions saw their original asking prices slashed by 70% on average leaving a combined $600 million on the table. Its amenities include 42 full bathrooms and 7 half bathrooms, a nightclub, a private running track, a 40-seat movie screening room, a juice bar, a cigar lounge, a philanthropy pavilion, a 30-plus car garage with two car-display turntables, a 10,000-bottle wine cellar, and five pools and other water features, including a private pool to accompany the master bedroom. "The show is scripted, with 'roles' and reactions assigned to the various performers and participants, including the homeowners," the suit stated. Even though this celebrity has earned most of her money from the entertainment industry, she and her wife have a side hustle of flipping properties for a nice profit. The mansion first hit the market in 2017 for $165 million, which made it one of the most expensive homes for sale in America. An undisclosed limited liability company bought the property. This Grecian-style mansion has dropped 50% since it appeared on the market in 2015. Due to it's staggering popularity, Property Brothersis probably viewed as one of the more honest shows on this list, until you stop and think for one second about the show's premise: Twin brothers Drew and Jonathan Scott help buyers find and renovate a fixer-upper. RELATED:10 Great Reality Shows To Binge On Hulu. Correction: This story has been updated to reflect that the 777 Sarbonne Road property will go up for auction starting April 21; an earlier version misstated the date. 20 Best Presidents' Day Mattress Sales of 2023. Malibu, California Originally priced at $14.8m since 2011. "He had a very tight timeline. The heartthrob singer from the Jonas Brothers made a tidy profit within real estate investments. Khadavi, who filed for Chapter 11 bankruptcy protection about two weeks after putting the home on the market, hasn't lost his sense of humor, though. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. In the post, Lambert goes out of his way to say what a great and authentic experience it was to have his family's move to Fiji documented, but he also confirms the phony home search; recounts how producers "overdramatized" a disagreement over kitchen views; and admits the realtor was an HGTV plant, which he says had to be done due to the way the real estate industry works in Fiji. Marky Mark, has relisted his Beverly Hills, Calif., estate with a $2 million price cut. Call us crazy, but we're not sure how "surprised" the lucky homeowners are to talk to the guy who has a camera crew in tow and who just rejected a dozen other shoppers. He told CNBC he had no comment on the pending case. Developer Nile Niami (left) walks with CNBC's Robert Frank (right) during a 2017 interview at "The One" while the megahome was under construction. Neither Gould nor Gold was involved with the home when it first listed on the market, but both men said the disparity between an asking price and an actual sale price, whether at auction or in a traditional sale, often says more about a seller's unrealistic expectations than it does about market conditions. While the participants in the auction were anonymous to the public, Roffers, the president of the online auction house, said their clients typically fit a certain profile: Their world is private jets that they own, or at least share, he said. Public records show Khadavi paid $16 million in 2013 for the lot at 777 Sarbonne Road, which included an existing home he later demolished. Yikes!So, go ahead, check out these star-studded spaces that nobody wants to buy. This home has 12 bedrooms, 23 bathrooms, and a wine cellar measuring about 10,000 square feet. But even though he ended up taking a huge hit in the price, Stallone ended up having to take it off the market and then put it up again 5 years later. Andr Leon Talley's Possessions Fetch $3.6 Million. The 110-year-old mansion was an architectural mansion that sat on 2.7 acres. Montville, New Jersey Originally priced at $2.5m since 2017. With a final sale price of roughly $141m, which included the winning bid plus commissions and fees, the property did not even bring in half of its listing price of $295m. Buyers use the extra land for offices, studios, gyms, gardens, spas and houses for guests or for a family member. The Dallas-based luxury real estate broker who looks like he was born to be on television has been newly tapped to host Season 5 of Selling Mega Mansions on the AWE network. That's probably one of the reasons why twin brothers Jonathan and Drew Scott became such a hit in the first place. For what it's worth,Hoardersis probably one of the most real reality television shows out there. Hoping for a quick sale, Khadavi together with the home's co-listing agents, Aaron Kirman of Compass and Mauricio Umansky of The Agency, decided to auction the house. However, the current owner isnt having as much luck selling it (even with the spots glamorous history). While the worlds wealthy have recently tended to favor smaller, well-placed apartments in major cities (the previous most expensive US home was a $238m for a New York City penthouse), the experience of being in a lockdown has seen demand for really big properties surge a trend that harks back to the mega mansions of the early aughts. Love It Or List Ithad a pretty interesting premise and was educational. Skyline views from 777 Sarbonne's infinity-edge pool. Shows like "Selling Mega-Mansions," "Selling Yachts," and "Private Island" reveal HGTV programming to be shack porn for the poors. Encino, California Originally priced at $3.2m since 2010. The show was on the air for a few years, but soon enough plenty of relevant information came up. Aside from the asking price being too high, the additions are really only for an athlete (things like a basketball court). The owner at the time was Robert Pereira II, an executive at Middlesex Corporation, a Massachusetts-based construction company founded by Pereira's father. The show ended in 2019 but is now currently streaming on Netflix. Dr Khadavi seated on top of the DJ booth that rises from beneath the floor at his spec house in Bel Air. Selling Mega Mansion (TV Series 2017- ) cast and crew credits, including actors, actresses, directors, writers and more. 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