Bel- Air mansion gets $ 81- million price cut
In L. A.’ s over- the- top spec market, the only thing bigger than the homes are the price tags — and eventually, the price cuts.
The latest example spans 34,000 square feet on an acre in Bel- Air, where celebrity plastic surgeon Raj Kanodia was seeking $ 180 million for his massive spec mansion in 2018. With no takers in two years, he just dropped the price to $ 99 million, down 45% from his asking price.
Spec building is the epitome of high- risk, high- reward, with luxury developers erecting some of the largest houses in Southern California without a buyer lined up and slapping on price tags that regularly top $ 100 million. If they can’t find a buyer, tax bills add up quickly; as of last year, The Times reported that there were 12 properties in L. A. County with an annual property tax bill of more than $ 1 million.
This often leads to dramatic price cuts, and Kanodia is far from the first to significantly lower his ask. Unica, a Spanish spec villa of 41,000 square feet, hit the market for $ 100 million before relisting for $ 78 million in September. In 2016, Bruce Makowsky offered his 38,000- square- foot mansion for $ 250 million, making it the priciest listing in the country, before eventually selling it three years later for $ 94 million. Coincidentally, Makowsky’s place sits right next door to Kanodia’s.
Built in 2018, Kanodia’s home spans three stories on a lush hillside lot with sweeping views of the city. A 29- foot entryway sets a dramatic tone, leading into an expansive glass- covered f loor plan with nine bedrooms and 20 bathrooms.
Throughout the home, pocketing doors slide to create scenic indoor- outdoor spaces. Highlights include a living room with a spiral staircase, a bold stainless- steel kitchen and multiple wet bars.
Lounges and dining patios descend to a 90- foot infinity pool out back, and at the edge of the property, there’s a spacious lawn and a series of tiered gardens.
Branden and Rayni Williams of the Beverly Hills Estates hold the listing.