22,640 square feet of property on the market for $69 million
by Dolores Quintana
Marked as the most expensive real estate in Santa Monica, but it’s still the most expensive property in the area as reported by Realtor.com. The luxury property near the Riviera Country Club was originally listed at $90 million, has been discounted twice, and the 1.61-acre property is now listed at $69 million. Santiago Arana of the agency is the listing agent and has explained that the 22,640 square foot mansion is still the most expensive property but, oddly enough, it’s one of Santa Monica’s best deals.
As reported by Realtor.com, Arana said, “We’re actually asking about $2,600 per square foot. A lot of expensive homes in this area sold at around $3,000 to $3,360 per square foot. So, a dollar per square meter, it’s not the most expensive.” It’s actually very reasonable.”
Of course, the big question here is why the price was lowered. Apparently, the price was set according to the components of the region which is why the price was originally very high according to Arana.
And Arana, as quoted by Realtor.com, added, “Because the drug is so big, it yields more. It’s not really a crazy number when you look at it that way,” he says. “I think it hasn’t kept pace with the market, though, which is why we’ve cut it a few times.”
The current price drop may be what buyers are looking for.
Arana stated, as reported by Realtor.com, “Since we re-priced it a few days ago, I have four offers already, and they will likely come out soon.”
The current owner paid $36 million for the property in 2018 and demolished the original structure, according to the agent. He then built a new mansion with the plans of Molori Design, a firm that usually designs luxury yachts.
All interior furnishings are bespoke designs with design inputs from Minotti, Flexform, Fendi, Bentley and other luxury brands. “They have brought over 15 experts from Italy to work on the craft of the house, both inside and out,” said Arana, as reported by Realtor.com.
No expense was spared for this seven-bed, 13-bathroom property including finishes made of materials such as Macassar ebony, polished limestone and polished marble.
The master bedroom measures 2,500 square feet and features a fireplace, double wardrobes, and marble bathrooms. It also has glass walls that open onto the suite’s private balcony, which overlooks the golf course.
The property has a 125-foot pool and spa overlooking the nearby hills. There is a covered cabin with a dining table for 16 people and a full kitchen that features wood cabinets and luxury appliances required. The house has a show room with sofas and tables for rest, half a basketball court, a karaoke room and a wine cellar. The property has a car park for 12 cars and the driveway is large enough to accommodate 20 parked cars.
What’s more, this is a rare property not located high in the hills. The property is also close to the beach, local hiking trails, restaurants and shops.
The reason the owner sold the property after putting so much work into it was because he didn’t really live there because the pandemic struck. Arana explained, as reported by Realtor.com, “When COVID hit, he spent quite a bit of time there, and decided he wanted to sell it. Life changed for a lot of people during COVID.”