California mansion, listed at $160M, to be most expensive ever auctioned, but it may go for much less
Villa Firenze is a 20-bed, 23-bath megamansion on nine acres
{{#rendered}} {{/rendered}}Any takers?
There’s no place like home – and especially not this particular home, one of the priciest properties in America. A Beverly Hills mansion – currently listed for a cool $160 million – will be the most expensive to ever hit the auction block, though the sale will reportedly run without a minimum bid or reserve price.
Villa Firenze is a 20-bed, 23-bath megamansion on over nine acres, with manicured grounds, a private street for entry and, in a thoroughly California twist, plenty of 40-foot palm trees. Designed to evoke the feeling of an Italian village, the 20,000-square-foot home took seven years to build, and was completed in 1998, according to its listing page.
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Despite its luxurious amenities – including a wine cellar, gym, home theater, pool house, tennis court, three guest homes, a 30-car courtyard and adjacent trail – the estate has sat on the market for two years, Realtor reports. Billionaire owner Steven Udvar-Hazy even slashed $5 million off the asking price in June.
Boasting “the largest assemblage of land in the ultraexclusive enclave of Beverly Park,” Villa Firenze further offers the right buyer a unique opportunity to develop a separate lot of the compound, if they so choose.
{{#rendered}} {{/rendered}}According to the The Real Deal, there will be no minimum price threshold in the no-reserve auction when Concierge Auctions opens up bidding later this month, at an undisclosed date.
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Though the auction would be a record-breaker if the estate sold for the astronomical asking price, one industry insider speculated that the highest bid for the villa will ultimately be a whole lot less.
{{#rendered}} {{/rendered}}“It will sell for between $80 million and $90 million, as the type of buyer who is drawn to this process is typically looking for an amazing deal,” Michelle Schwartz of The Agency told Realtor. “[The buyer is] not necessarily coming in with the emotional connection that typically drives asking price.”
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The megamansion is represented by Jeff Hyland of Hilton and Hyland.