We first heard of this sleek, 16,000-square-foot estate back in April, when it had gone up for sale in a non-public listing for $48 million. Now it's here, pricechopped a cool $3 million (though still tied for Number One Most Expensive House in Los Angeles proper on the open market) and on the MLS with a lot of fanfare. The LA Times reports that the brokers recently thew a chic party at the house to help market it; in attendance were "a red Ferrari Berlinetta, women in little black dresses passing hot and cold hors d'oeuvres, a violinist, [and] a saxophone player," among others. The seven-bedroom, eight-and-a-half bathroom manse features an infinity pool, wine cellar, catering kitchen, and a 75-foot gallery intended to display art. Completed just this year, the house was the work of Italian developer Alessandro Cajrati Crivelli, founder of Est4te Four, which deals in mostly commercial builds and also "created the Zona Tortona fashion quarter in Milan." It's asking $45 million.
· 438 North Faring Rd [Redfin]