Billionaire Jeff Greene really did believe that he can get $195 million for his California estate, which just so happens to be the most expensive listing for a residential property in American history.
Greene just slashed $46 million off his Beverly Hills mansion, Palazzo di Amore, after no one fell for its mega price tag.
It’s now on the market for a mere $149 million.
The 59 year old made his money by betting against the subprime mortgage market that burst in 2008. But many observers thought that the $195 million price tag on the Beverly Hills property was just a type of marketing gimmick and that Greene did not honestly expected to get that much money for it.
Greene dispelled these rumors in an interview with the New York Times. “When you consider the value of the land and the quality of the construction. $195 million is really quite reasonable, ” he said.
“We’ve become a country of have-nots and have-a-lots, ” Greene said in his living room filled with French antiques and fine art. “More and more of the rewards for this economy are going to the rich and leaving the rest behind. So I think you’re going to have more and more very wealthy people. And hopefully they’re going to want houses like this.”
But Jonathan Miller, of Miller Samuel, an appraisal firm, was quoted as saying, “These are vanity numbers, and they are usually very far off from the ultimate sales price. Jeff is a very smart real estate guy. But there are only a handful of people in the world who can buy this. And will any of them want to?”
Located in Beverly Hills, the 25 acre gated Mediterranean compound comes with its own vineyards. The property offers views of the iconic Los Angeles canyons and city lights.
The main residence at Palazzo di Amore is over 35, 000 square feet, including a finished wine cellar, while the entire estate offers more than 53, 000 square feet of livable areas. With architecture by Bob Ray Offenhauser and design by Alberto Pinto, the Palazzo di Amore is suited to entertain in style on a grand scale, offering the opportunity to host events for over 1, 000 guests.
There are 12 bedrooms and 23 bathrooms across its several buildings.
Greene invested tens of millions of dollars to complete and expand Palazzo di Amore after he bought it. The second floor of the main residence was finished by Greene and he built a separate massive 15, 000 square foot entertainment center that includes a disco/ballroom with a revolving turn table style dance floor, DJ booth and a laser-light system.