Developer Mohamed Hadid has a knack for building way over the top megamansions and something less of a knack for selling them at full price, but oh well. His last go was Bel Air's La Belvedere, which has a ballroom, movie theater, and Turkish bath; it sold in a little more than a year for somewhere in the $50 million range, down from an original asking price of $85 million. Now here's the latest: Le Palais on North Crescent Drive in Beverly Hills, which has seven bedrooms and 11 bathrooms in about 48,000 square feet. The Wall Street Journal mentioned the house in a March story on giant basements--according to them, Le Palais's has a ballroom, a hammam with hand-carved Egyptian limestone columns, and a 50 seat movie theater. Asking price is $58 million. Meanwhile, on a totally unrelated note, US unemployment remains at 8.2 percent.
· Le Palais [Joyce Rey]
· Developer Mohamed Hadid Lists Latest L.A. Creation for $58M [Curbed LA]