A Los Angeles megamansion that looks straight out of fairytales is now up in the market. However, not everyone has the chance to purchase the property as a London-based brokerage only identified 20 potential buyers of the famous real estate called "Beverly House."
At first glance, you may find this terracotta stucco house familiar because it was used in several Beyonce music videos and set of the film "The Godfather." It was also previously owned by newspaper magnate William Randolph Hearts from 1946 to 1967.
Former US President John F. Kennedy and his wife Jackie Kennedy also spent their honeymoon in the LA mansion in 1953. It also served as Kennedy's West Coast presidential election headquarters.
According to the New York Post, the LA house for sale has been on and off the market since 2007. It has been the most expensive real estate in the US that went on sale for $95 million to $195 million.
20 Wealthy Family List
Beauchamp Estates has identified a list of potential buyers who they think could afford the $119 million worth LA mansion.
A representative on behalf of Beauchamp Estate's managing director Jeremy Gee said that the company came up with the "shortlist" because the potential buyer will not only purchase the multimillion-dollar house but also needs extra money to maintain it.
The list of wealthy families includes business people from Saudi Arabia, Abu Dhabi, Tel Aviv, Moscow, China, Hong Kong, Nigeria, South Africa, Thailand, and London.
"Looking at an international scale, buying the Beverly House would be, for those families [in the highest luxury bracket], a relatively cheaper holiday home," Gee's representative added.
While Beauchamp is not expecting the massive property to flip in a snap, they already share the real estate details to potential buyers via WhatsApp and Zoom.
"We will really see some traction when all the flights resume. Beauchamp won't be able until after the summer to go out to the Gulf and Hong Kong to meet clients and show them floorplans. That's because of COVID, but it will happen," he said. "It's all about the personal meeting and connection at that level [of luxury]."
Property Details
The 35,000-square-foot Beverly House features 18 bedrooms and 25 bathrooms built for banking executive Milton Getz in 1926.
Upon entering the 800-foot driveway, you will be greeted with a massive pink house with an 80-foot entry hall and a 22-foot high hand-painted arched ceiling. The LA house for sale boasts luxury amenities, including an Art Deco nightclub, a wine cellar, two luxury home threaters, a spa, a gym, a lighted tennis court, a billiards room, and a two-story library
It also includes an eight-car garage, formal dining room, a separate breakfast room, a family room with a terrace, a commercial kitchen, a guest house, and a separate terrace that could fit 400-guest for dinner.
Outside lies a garden designed and landscaped by architect Paul Thiene. It features a reflection pool with waterfalls that lead to an Olympic-size swimming pool.
Costly Property Tax and Maintenance
While the property's price tag is expensive by itself, the future owner of this LA mansion is also bound to hefty property tax and maintenance costs.
Realtor.com reported that the Beverly House's annual property tax is a whopping $68,000. The mansion's maintenance would roughly cost at least 1% of the property's price or about $1.25 million every year.
On top of that, the future owner would also have to maintain at least seven full-time staff members, including a chef, two cleaners, a butler, a chauffeur, and a security team.
READ MORE: 5 Home Office Design Trends According to Real Estate Experts