A residential project being constructed under the Four Seasons name in Los Angeles would be offering its penthouse unit for a whopping $50 million. According to a report from Bloomberg.com, the price of the said property would be the most expensive condominium on record to be sold.
The condo project is located just near the Four Seasons Hotel near Beverly Hills would have 59 units and the projected total value of the properties would be in the neighborhood of $400 million. This was confirmed by Genton Property Group LLC's founding partner Jonathan Genton. Genton is developing the property. Aside from the 12,000 square foot penthouse, the 58 other units would have access to the services and amenities of the Four Seasons Hotel with each measuring roughly at 2,400 square feet each.
In a telephone interview last Friday, Genton said, "Being affiliated with this type of brand provides some comfort, especially when you are putting in this kind of money. L.A. traditionally has not been a condo market but now we are seeing nodes, like in Century City and in downtown, where this type of density is allowed."
The crown jewel in this development is the penthouse, which would occupy the top floor of the 12 storey edifice. It includes a 9,000 square foot rooftop pool and garden alongside the 360 degree view of Los Angeles.
According to a report from skift.com, the previous record for the most expensive condo purchase was made in Century City worth $34.8 million. The said unit measured 17,960 and was bought by Candy Spelling in 2010. Spelling is the wife of TV uberproducer Aaron Spelling and mother to Tori Spelling.
This development is expected to compete with the Ritz-Carlton Residences located in downtown Los Angeles. Another condo project was also developed in 2010, this time by Starwood Hotels & Restaurants Worldwide Inc.'s W Hollywood hotel.
