The Bel-Air estate known as Casa Encantada has hit the market for $225 million, making it the most expensive listed house for sale in America.
If you didn’t think real estate investment is the path to financial freedom, check out these numbers:
The home was once owned by hotel magnate Conrad Hilton for $250,000 in 1960 ($2.4 million today) before passing down to the Dole Food CEO David Murdock for $12.5 million and last sold in 2000 to financier David Winnick for $94 million.
Winnick is best known as the founder and chairman of Global Crossing, the company which installed fiber-optic highways across the ocean floor.
The property has a guest house, a pool house, and a managers quarters. There is also a basketball court, a tennis court, greenhouses, a rose garden, and koi ponds.
In addition, the entrance has 18-foot ceilings and a bar made of sterling silver.
Per the Los Angeles Times, mountain and ocean views can be seen from nearly all of the the mansion's 60-rooms, some of which include a professional screening room, a reception hall, and grand formal rooms.
The Georgian-style 1930s mansion sits on eight acres above the Bel-Air Country Club, and boasts 60 rooms in an H-shaped layout which affords city, mountain and ocean views from nearly every vantage.
Want to know how luxury real estate is priced?
The average luxury home nationwide is $2 million. In Los Angeles, the average luxury home is $4 million.
A surplus of prospective buyers and a shortage of inventory, coupled with the reality that land is becoming increasingly scarce and building regulations incredibly strict, continues to drive up prices across the board.
With both tech and finance wealth in Los Angeles, luxury home prices will continue to rise. And as you can see, luxury property investors are slated to get an incredible return on their investment.