The latest hint of real estate insanity comes to us from the Wall Street Journal (via Luxist): The still-incomplete compound of Mishaal Kamal Adham, a Saudi businessman, and his wife, Hussa has just been slashed by almost half. But its still so egregiously expensive we can never even hope to dream about buying it. Now listed for $33 million, a drop of over $30 million from the last time it was on the market at $65 million, the estate off Coldwater Canyon Road includes a 30,000 sq ft main house, 6,000 sq ft carriage house, a the foundation for a planned 12,500 sq ft entertainment facility. Apparently, the main house is 90% complete, if you can believe the broker, but finishing up the house will cost "several million dollars." So why the firesale? Apparently Mishaal and Hussa have split. Plus, there's a court order to sell the place. Just like another couple we know who's Malibu property is about to go on the market (sans court order - for now). Too bad this estate is $23 million more than Britney is looking to spend. Right neighborhood, wrong price.
· Peter Morton Buys Estate, Says Sale Is 'Canceled' [WSJ]
· She's not wedded to the beach [LA Times]