LA’s most expensive home is back on the market again – this time for an eye-watering $195 million.
The sprawling Bel-Air palace known as Casa Encantada was listed this month, just five months after it was last put up for sale at the same price, according to Zillow.
It was once the priciest home ever on the market in the United States when financier and philanthropist Gary Winnick listed it for $225 million last summer.
‘To me, this is a work of art, and I have been its steward,’ 76-year-old Winnick told The Wall Street Journal of the 40,000 square foot property.
The seven-bedroom home’s H-shape design give perfect views for all 60 rooms, each one showcasing either the city, ocean or garden vista.
However, California realtors are struggling to sell the estate and the price has been slashed from $250 million in 2019 to $195 million today – making it tied for the most expensive home in the city with the Pritzker estate.
The difficulties were compounded thanks to the so-called ‘mansion tax’ which was introduced in April 2023.
The tax imposed an additional 5.5 percent tax on homes selling for more than $10 million, in an effort to recoup money for homelessness projects.
But one year on since the Measure ULA strategy was introduced, luxury house sales have dropped by 68 percent, while raising only 22 percent of the stated goal.
Casa Encantada, which sits on eight acres above the Bel-Air country club, is now being eyed up by three super agents hoping to close in on the commission.
Westside Estate Agency’s Kurt Rappaport, Drew Fenton of Carolwood Estates, and Josh Flagg of Compass are hoping to sell the mega-estate, according to the Hollywood Reporter.
‘Casa Encantada is one of the most iconic homes in Los Angeles due to its architectural significance, designed by James Dolena in 1937, and its Georgian-style elegance,’ Flagg told the magazine.
‘The mansion has hosted high-profile events and been owned by notable figures like Conrad Hilton, enhancing its cultural and social legacy.
‘Its vast size, opulence, and prime location in Bel-Air, combined with its historical importance, make it one of the most sought-after and expensive estates in the city.’
‘It’s always a pleasure to show Casa Encantada because you see something new every time that you never noticed before,’ Flagg added.
‘My favorite feature of the home is the motor court.
‘When you pull through the gates of the estate you travel down a long winding driveway to a motor court with an exquisite fountain highlighted by magnificent bronze sculptures.’
Winnick set the record at the time, when he purchased the home for $94million in 2000 from Dole Food Company CEO David Murdock.
The palace has also previously been home to the likes of iconic hotelier Conrad Hilton before Murdock. He sold it for $12.4 million in 1980, a record at the time.
Winnick hired a team of 250 workers that took two years to restore Casa Encantada on a museum-quality restoration during his residency. Master craftsmen hand-plastered the floors and ceiling.
Casa Encantada dates back to the 1930s, built at the direction of the widow of a wealthy glass manufacturer who commissioned some of the most prominent designers of the time to work on the estate.
By 1950 hotel magnate Conrad Hilton moved into the palatial digs. He paid $225,000, which included the furniture, art and silver. During his thirty years at Casa Encantada, Hilton made almost no changes to the interior or exterior.
Following his death in 1979, it was purchased by Rupert Murdoch for $12.4 million, a U.S. record at the time.
It has all the trappings of an large estate, such as an entry hall with 18-foot ceilings that expands to the luxurious reception hall, dining room and living spaces.
Wood paneled walls and moldings are embellished with delicate clamshell and geometric patterns.
The second story is accentuated with balcony terraces.
There is a pool house with a professional screening room and formal bar, basketball court, lighted tennis court, a full guest house, multiple greenhouses and Koi ponds, Fortune.com states.
