When the Palazzo di Amore hit the market in Beverly Crest last fall, it boldly listed for $195 million. And why not? There 12 bedrooms, 23 bathrooms, a 35,000-square-foot main residence with two wine cellars (store up to 13,000 bottles between them), a Turkish bath, a ballroom with a revolving dance floor, and an on-site vineyard. But despite its ability to "easily" accommodate parking for 150 cars and its waterfall, swimming pool, reflecting pool, and spa, it seems like there hasn't been a lot of interest in the place. The price just dropped $46 million, reports the LA Times, leaving it at a still-pretty-outrageous $149 million.
The Palazzo's owner, Jeff Greene, made a ton of money shorting subprime mortgages during the economic downturn; more recently, he has been heard telling the World Economic Forum that "America's lifestyle expectations are far too high" and that Americans need to learn to live with less. (Thanks for the tip, Man Who Owns Multiple Mansions And a 145-Foot Yacht.)
Greene bought the 25-acre property and the partially finished house that sat on it in 2007, paying $35 million. He spent years completing the mansion and seems to regret the decadent results, telling the Wall Street Journal last year, "In hindsight, I never would have done this." That list price again is $149 million.
· 'Most expensive' mansion in U.S. just got cheaper: Palazzo di Amore cuts price by $46 million [LAT]
· 9505 Lania Ln., Beverly Hills, CA 90210 [Redfin]
· Subprime King Asking $195MM For Vomitous Bev Crest Palace [Curbed LA]
· The Five Wildly Excessive Mansions of the Guy Who Wants You to Learn to Live With Less [Curbed LA]