October 20, 2021

DCTRS

Damascus Center for Theoretical and Civil Rights Studies

In Bel-Air, a spec mansion gets an $81-million price cut

In L.A.’s over-the-top spec market, the only thing bigger than the homes are the price tags — and eventually, the price cuts.

The latest example spans 34,000 square feet on an acre in Bel-Air, where celebrity plastic surgeon Raj Kanodia was seeking $180 million for his massive spec mansion in 2018. With no takers in two years, he just dropped the price to $99 million, down 45% from his astronomical asking price.

Spec building is the epitome of high-risk, high-reward, with luxury developers erecting some of the largest houses in Southern California without a buyer lined up and slapping on price tags that regularly top $100 million. If they can’t find a buyer, tax bills add up quickly; as of last year, The Times reported that there were 12 properties in L.A. County with an annual property tax bill of more than $1 million.

This often leads to dramatic price cuts, and Kanodia is far from the first to significantly lower his ask. Unica, a Spanish spec villa of 41,000 square feet, hit the market for $100 million before relisting for $78 million in September. In 2016, Bruce Makowsky offered his 38,000-square-foot mansion for $250 million, making it the priciest listing in the country, before eventually selling it three years later for $94 million. Coincidentally, Makowsky’s place sits right next door to Kanodia’s.

Built in 2018, Kanodia’s home spans three stories on a lush hillside lot with sweeping views of the city. A 29-foot entryway sets a dramatic tone, leading into an expansive glass-covered floor plan with nine bedrooms and 20 bathrooms.

Throughout the home, pocketing doors unfold to create scenic indoor-outdoor spaces. Highlights include a living room with a spiral staircase, a bold stainless-steel kitchen and multiple wet bars.

Lounges and dining patios descend to a 90-foot infinity pool out back, and at the edge of the property, there’s a spacious lawn and a series of tiered gardens.

Branden and Rayni Williams of the Beverly Hills Estates hold the listing.