Is Santa Monica’s most expensive property still a bargain?
22,640 square foot property on the market for $69 million
By Dolores Quintana
Santa Monica’s most expensive property has been marked down but remains the most expensive property in the area, as reported by Realtor.com. Originally listed at $90 million, the luxury property near the Riviera Country Club has seen its price cut twice and the 1.61 acre property is now listed at $69 million. The Agency’s Santiago Arana is the listing agent and explained that the 22,640-square-foot mansion is still the priciest property, but is oddly one of the best deals in Santa Monica.
Arana said, quoted by Realtor.com, “We’re actually asking about $2,600 per square foot. A lot of the expensive homes in this neighborhood are selling for between $3,000 and $3,360 per square foot. So dollar per square, that’s not It’s not the most expensive. It’s actually very reasonable.
Of course, the big question here is why the price was reduced. Apparently the price was set based on comps in the area, which is why the price was originally so high according to Arana.
Arana added, quoted by Realtor.com, “Because the property is so big, it gives a bigger number. It’s really not a crazy number when you look at it that way,” he says. “I guess it didn’t fit the market, and that’s why we repeatedly cut it.”
The current price drop could be what buyers are looking for.
Arana said, as quoted by Realtor.com, “Since we saw him again a few days ago, I’ve already had four showings, and that’s probably going to be up soon.”
The current owner paid $36 million for the property in 2018 and demolished the original structure according to the agent. Then he had a new mansion built with plans from Molori Design, a company that normally works on luxury yacht designs.
The interior furnishings are completely bespoke with input from Minotti, Flexform, Fendi, Bentley and other luxury brands. Arana said, as Realtor.com reports, “They brought over 15 experts from Italy to work on the craftsmanship of the house, both inside and out,”
No expense has been spared for this seven-bedroom, 13-bathroom estate, including finishes in materials such as Macassar ebony, brushed limestone, and polished marble.
The master bedroom is massive at 2,500 square feet and features a fireplace, double walk-in closets, and marble bathrooms. It also has walls of glass that open onto the suite’s private balcony that overlooks a golf course.
The estate features a 125-foot-long swimming pool and spa that overlooks the nearby hill. There is a covered cabana with a dining table that seats 16 and a full kitchen that includes wooden cabinets and the necessary luxury appliances. The house has a projection room with sofas and tables for more comfort, a half-court basketball court, a karaoke room and a wine cellar. The estate has parking for 12 vehicles and the driveway is large enough to accommodate 20 parked cars.
Moreover, it is a rare domain that is not located in height. The property is also close to the beach, local hiking trails, restaurants, and shopping.
The reason the owner is selling the property after putting in so much work is that he never really lived there because the pandemic hit. Arana explained, quoted by Realtor.com “When COVID hit, he spent very little time in there, and he decided he wanted to sell it. Life changed for a lot of people during COVID.