The California real estate industry is facing a serious marketing crisis since the building spree of mega-mansions back in 2014 up to the present. Plenty of extravagant, over-priced properties, got stuck in the market for years. Sales drastically decreased while the number of listings continuously grows.
Ever since investors and billionaires lost their interest in buying lavish residencies, not even one property was sold for over $35 million for almost a year now. Not until a rumored price came to rescue.
The Mysterious Buyer
He may not be a knight-in-shining-armor, but the buyer is allegedly a royalty. The name was kept discrete, but as per the Wall Street Journal’s report, two separate transactions were made by a tax attorney, who’s also responsible for the monetary and fiscal affairs of the Al Saud royal family.
The fiscal attorney has been in service for the late King Fahd and the rest of the wealthy royal family members for years. That fires up the allegation that a Saudi prince might be the mysterious client.
Home Features
The rumors get even louder when we dig into the features of the house. The focal point of the camera is on the $45-million modern Utopia. It took Rafael Zakaria 4 years to build the house. The over 20,000 square-foot estate has seven bedroom suites, a gymnasium, a spa area, a wine room, a 12-car parking garage, and a large movie theater that can accommodate up to 20 people.
The interior is a delicate fusion of steel, glass, and concrete. The Bel Air paradise is located in the further west side of the compound, quite unusual for a castle-like property, which normally sits in the East Gate Bel Air. That adds up to the royalty drama. It is noticeably the largest property in the vicinity, perfectly suitable for a Prince to rule the commoners.
The exterior doesn’t disappoint as well. A diversity of garden, landscape, and verandas give the backyard a relaxing vibe. Speaking of relaxation, you can dip in the 250-foot infinity pool probably after playing several rounds at the full-sized tennis court.
Staff House
The smaller but equally exquisite home is connected right below the bigger house. The famous architect, Richard Neutra, built the property back in 1954. It still has most of the original mid-century designs, although it has been renovated from time to time. Rumor has it; the Neutra house will serve as the staffing house of the Saudi prince.
Regardless of the buyer’s identity, this deal gives hope to the estate owners and listing agents that there are still people out there who keep a keen eye on luxurious mega-mansions.
