Casa Encantada, a storied 60-room megamansion in Bel-Air and once considered to be the most expensive house in the United States, just got a price cut of $85 million.
The historic 1930s, 40,000-square-foot Los Angeles megamansion hit the market in October 2019 with an asking price of $225 million. It was the priciest listing in the country at the time. It has been on and off the market since then, with the price dropping to $195 million in November 2023.
Now, the owner just gave the home another price cut. Casa Encantada is now listed for $165 million. That is $30 million cheaper than its most recent asking price and $85 million less than the original asking price, as reported by Robb Report.
What Was the Reason Behind the Price Cuts?
Josh Flagg of Compass, one of Casa Encantada's listing agents, said the price cuts indicate the declining demand for ultraluxury properties in the US and the current conditions of the luxury market.
"If this was 2017, the house would be sold by now, but given the state of the market, there aren't buyers lining up around the block for any house over $100M," he said in an email to the Business Insider.
READ ALSO: Tom Ford Buys $104M London Mansion in Biggest Property Deal in UK This Year
Casa Encantada's Storied History
The mansion is owned by Karen Winnick, widow of Global Crossing founder Gary Winnick, who passed away in 2023. The Casa, however, has a long history.
The home was built in the 1930s during the Depression Era for Hilda Boldt Weber, the widow of a glass manufacturer from Ohio. She bought the land for $100,000 and hired James E. Dolena for the design.
After her passing, the property had several high-profile owners, including Dole Food's David Murdock, hotelier Conrad Hilton, and Winnicks.
Under the Winnick's ownership, the mansion underwent extensive restorations. The couple commissioned architect Peter Marino to oversee the project, which took two years and millions of dollars to complete. At least 250 craftspeople were hired to restore plasterwork and hand-polish 14 layers of paint, according to the Architectural Digest.
RELATED ARTICLE: Diddy's $61.5M Beverly Hills Mansion Struggles to Sell as Potential Buyers Are 'Creeped Out' With Its 'Ick Factor'
