The lavish Palazzo di Amore in Beverly Crest which has been listed on the market last fall for $195 million has dropped $46 million, leaving it at a still outrageous $149 million. The 35,000-square-foot residence is comprised of 12 bedrooms, 23 bathrooms, two wine cellars (that can store up to 13,000 bottles), a Turkish bath, a ballroom with a revolving dance floor, and an on-site vineyard. The property also features waterfall, swimming pool, reflecting pool, spa and a parking place that can easily accommodate 150 cars.
According to L.A. Curbed, Jeff Greene, the owner of Palazzo, made tons of money shorting subprime mortgages during the economic downturn; recently, he has been heard telling the World Economic Forum that "America's lifestyle expectations are far too high'' and that Americans need to learn to live with less. Green bought the 25-acre property in 2007 for $35 million. He spent years completing the mansion and seems to regret, telling the Wall Street Journal last year, "In hindsight, I never would have done this.''
Despite the $46-million price cut, the 53,000-square-foot Palazzo di Amore still has a top-of-the-charts asking price of $149 million. The gated estate in Beverly Hills has topped the price chart of publicly listed homes for sale at $195 million last year. Jeff Greene who owns property in Florida, New York and California, put his mansion on the market in November. A few months later, he also offered it for lease at $475,000 a month.
The Los Angeles Times said the property features a floating-style glass-floor walkway over pools and lined by 70-year-old olive trees that lead to the entertainment complex, which can seat up to 250 dinner guests. The 15,000-square-foot complex features a 50-seat theater, a bowling alley and a disco/ballroom with a revolving floor, a DJ booth and a laser-light system. The estate label, Beverly Hills Vineyards can produce 400 to 500 cases of wine a year.