While the rest of the real estate market collapses, the memo doesn't seem to have made its way to the upper end of the housing market. Yesterday we featured a Beverly Hills home with a 40% asking price premium over its last sales price in May 2007. Today we find a Hidden Hills estate with "a water oasis leading into a cave setting with seating and wet bars for any occasion." The property also features "a grand theater with seating for 28, gaming room, spa with massage room, gym, magificent wine cellar with tasting area, a championship tennis court, sandy volleyball court, equestrian ring and state-of-the-art stables all nestled on a very private 3 acre compound." Schmancy. But as high end estates go, all pretty run of the mill. What did catch our eye, however, was the chasm, nay canyon, between the previous sale price and today's asking price. Last sold in Oct of 2003 for $2.775 million, today's asking price is a whopping $27 million, or $3,627 per square foot. Is the grotto lined in gold? Does it come with Playboy bunnies? Is a secret cave with a wet bar worth 10 times the previous sales price?
· 5841 Round Meadow Rd Hidden Hills, CA 91302 [Redfin]