The most expensive US listing is a $250 million work in progress
Developer Mohamed Hadid manages the LLC behind the property
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A house vying to become the most expensive in the U.S. doesn’t even exist yet.
With an enormous $250 million asking price, an extravagant and under-construction megamansion in Los Angeles is now the most expensive home on the U.S. market.
Listed Thursday, the 78,000-square-foot property’s nine-figure price tag surpasses that of anything else being marketed for sale on public listing portals across the country, according to records with online property database Zillow.
It dwarfs the asking price of the second most expensive property on the public market, a Manhattan penthouse asking $169 million, records show. And if it sells for that price it’ll beat the record-setting sale of the $238 million Manhattan apartment bought by billionaire hedge-fund manager Ken Griffin in 2019.
A rendering of the under-construction trophy mansion that has listed for $250 million. (HILTON & HYLAND)
The owner of the mammoth Beverly Hills trophy home is a limited liability company managed by real estate developer Mohamed Hadid, per company filings, and the multi-level home on close to 37 acres is the largest property ever permitted in the city, according to the listing with Rodrigo Iglesias and Helena Deeds of Hilton & Hyland.
"Nothing compares," touts the listing, adding that it’s "the finest compound ever to be completed."
Positioned on the winding streets that overlook the city and close to Franklin Canyon Park, the mansion is to be equipped with a total of 19 bedrooms and 28.5 bathrooms, the Beverly Hills compound will have an impressive catalog of high-end amenities spread over its main house and guest house.
They’ll include a bowling lane, a bar, a massage room, a wine tasting room, a cigar lounge, a wine cellar, a 36-person theater, a Turkish bath, a pool and a pool bar, and a five-car garage with two vehicle turntables.
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A rendering of the home shows its multiple floors. (HILTON & HYLAND)
Construction is expected to be complete in less than 24 months, according to Forbes, which first reported the listing.
Potential buyers have the option of purchasing the home upon completion for the full $250 million, or the unfinished property can be bought when only the foundation is completed for $92 million, according to the listing.
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It’s not clear how much Mr. Hadid, 72, paid to acquire the plot the home will sit on. The developer, father of supermodels Gigi and Bella Hadid, last month appeared in court over his controversial construction of a mansion in Bel Air. He could not be reached for comment.
Trophy homes have had a banner year so far in 2021.
The surge at that very top end is being propelled largely by increased wealth, a renewed focus on and appreciation of what home is and a lack of other spending options over the past year, according to experts.
In the four months to the end of April, the $50 million-plus market was well ahead of previous years. Sellers across the country had already listed 30 ultra high-end homes at that price level and seriously deep-pocketed buyers had purchased eight, Mansion Global previously reported.