The price for Palazzo di Amore, a 25-acre estate and vineyard in Beverly Hills, California, just got reduced by $46 million.
The estate was “re-introduced” to the market with a new price of $149 million, down from its previous price of $195 million, according to listing agents Joyce Rey and Stacy Gottula.
Jeff Greene, the billionaire owner of the estate, made more than $1 million in improvements, including the addition of a new entry gate, drive and guard station, the agents said.
Even with the price cut, Palazzo di Amore is still the most expensive finished home listed in the U.S. A lavish compound under construction in nearby Bel-Air is on the market for $500 million, but it won’t be completed until at least 2017. A mansion in southern Florida, called Le Palais Royal, is listed for $139 million, but it also still under construction.
Palazzo di Amore, which was featured on CNBC’s “Secret Lives of the Super Rich,” has around 53,000 square feet of living space with 21 bedrooms and 23 bathrooms. The 35,000 square-foot main house has a finished wine cellar, a traditional hammam (or Turkish-style spa) and vast views of Los Angeles.
The estate also has a 15,000-square-foot entertainment center that includes a disco/ballroom with a revolving turntable-style dance floor, DJ booth and a laser-light system, as well as a 50-seat private screening room, bowling alley and game room. The property’s garage can house 27 cars.
The estate also has its own vineyard—the only one of its kind in Beverly Hills—that produces 400 to 500 cases a year.
Greene said the price cut reflects his real desire to sell, since he lives in Florida now.
“When we originally put it on the market, we were prepared to see what the response would be,” he said. “Now, we are very motivated to sell. I have toured many of the world’s top estates, and there is nothing quite like it anywhere.”
Put another way: The buyer won’t be spending $149 million—they’ll be saving $46 million.