A $50 Million Spec House? Only in L.A.
Find out why the price is so high and what kind of people would be willing to pay for it.
Celebrity owners, colorful histories, prime locations and ocean views often drive up home prices in L.A., but this Holmby Hills mansion is all about the modern architecture.
Designed by Quinn Architects, the Richard Neutra-inspired home is being touted for its clean, modern lines, wide-open spaces and exquisite design. The older home on the site has been demolished for this grand new sparkling estate.
Alessandro Cajrati Crivelli, who is building the house and has worked on commercial spaces for Georgio Armani and Tom Ford, told The Wall Street Journal that the home was built “with the modern art collector in mind.” He observed that when you pay over $40 million for a painting, a $50 million dollar home is not a big issue.
“It has become clear to us that even though there are a lot of large homes in the Beverly Hills/ Bel Air/ Holmby Hills area, the vast majority have very poor finishes and no sophistication in their design,” says Cajrati Crivelli’s company website. “We believe that we can leverage our experience gained in developing for demanding luxury brands and create a product that is not present on the market at the moment (with a few exceptions).”
So what unique features will $50 million get you? The lot, large for the area, is 57,250 square feet. The 15,250 square foot “contemporary villa” expands to 20,000 square feet when you include terraces and outside living space.
Rooms boast 14-foot high ceilings, with a 20-foot high ceiling in the main living room. The master bedroom takes up approximately 2,000 square feet, including a massive master bath, powder rooms and walk-in closets.
Additional amenities include a pool, wine cellar, sauna, steam shower room, massage room, media room and a grass tennis court.
Cajrati Crivelli has much confidence in his high-end development strategy. His company, Est4te Four, has several other projects on its agenda, including spec homes ranging from $35-60 million, according to The Wall Street Journal.