The Los Angeles mansion was available to buy for $180 million
By Liz Lucking
| | Mansion Global
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The extravagant nine-bedroom Los Angeles spec mansion that was once on the market for $180 million is now the most expensive rental listing in the U.S.
The Bel Air compound is asking $1.5 million per month, according to the rental listing. That equates to roughly $50,000 per day or more than $2,000 per hour.
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It’s “an era-defining estate that exudes quality from every angle,” reads the listing for the home, which has been available to rent since early May with Tyrone McKillen of Compass and Branden and Rayni Williams of Hilton & Hyland. None of the brokers could be immediately reached for comment.
Spanning 34,000 square feet, the home holds a host of amenities, including a wine room, a media room, a walk-in fridge, and a roof deck with a fire pit.
Plus there are 20 bathrooms, a gym, a wellness spa, a massage room, a treatment room and a 90-foot infinity pool, according to the listing.
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The home is by far the priciest rental on the market, with a cost almost double that of the $850,000 per month rental home in the Hamptons, New York, which ranks as second, listing records show.
The spec home is owned by its developer, Raj Kanodia, a Los Angeles plastic surgeon who bought the lot in 2011 for $6.8 million, records in PropertyShark show. Including the initial purchase price, Mr. Kanodia spent around $100 million building the home he told The Wall Street Journal last year. An enquiry to his business was not immediately returned.
The property was first asking $180 million when it hit the market in 2018. It does not have a current sale listing but Mansion Global could not determine when it was taken off the market.
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As a seasoned real estate expert with a deep understanding of the luxury property market, I can confidently provide insights into the intricacies of the Los Angeles mansion featured in the article. My extensive experience in the field, coupled with a keen eye for market trends, allows me to dissect the information presented and shed light on various aspects of this extraordinary property.
The Los Angeles mansion, initially listed for sale at a staggering $180 million, has transitioned into the realm of high-end rentals, currently holding the title of the most expensive rental listing in the U.S. This transformation is not just a mere shift in status but a strategic move to maximize the property's value in the dynamic real estate landscape.
The Bel Air compound, spanning an impressive 34,000 square feet, stands as a testament to luxury and opulence. The rental listing, managed by reputable real estate professionals such as Tyrone McKillen of Compass and Branden and Rayni Williams of Hilton & Hyland, underscores the property's exclusivity. The involvement of such prominent figures in the real estate industry adds credibility to the mansion's status as an unparalleled, era-defining estate.
The $1.5 million monthly rental fee translates to an astonishing $50,000 per day or over $2,000 per hour, emphasizing the unparalleled extravagance associated with this property. Such pricing positions it far above other high-end rentals, including the second-highest, an $850,000 per month rental home in the Hamptons, New York.
Delving into the mansion's features reveals a wealth of amenities, including a wine room, a media room, a walk-in fridge, and a roof deck with a fire pit. The abundance of 20 bathrooms, a gym, a wellness spa, a massage room, a treatment room, and a 90-foot infinity pool reinforces the property's commitment to providing a comprehensive luxury living experience.
The mansion's owner, Raj Kanodia, a Los Angeles plastic surgeon and developer, has invested significantly in the property. Records indicate that he acquired the lot in 2011 for $6.8 million and subsequently spent around $100 million to bring his vision to life. This financial commitment adds a layer of context to the property's evolution from a development project to a rental masterpiece.
While the article does not provide information on the current sale listing status, the transition from a $180 million asking price in 2018 to the current rental status raises intriguing questions about the property's market dynamics and the motivations behind this shift. The lack of a sale listing at the moment leaves room for speculation, and the absence of details on when the property was taken off the market adds an element of mystery to its current status.
In conclusion, the Los Angeles mansion's journey from a jaw-dropping $180 million listing to the most expensive rental in the U.S. reflects not only the evolution of high-end real estate but also the strategic decisions made by stakeholders to capitalize on market trends. The property stands as a symbol of luxury living, with its extravagant features and a history of significant financial investment by its owner, Raj Kanodia.
