- The Chartwell Estate in Los Angeles – formerly the most expensive home for sale in the US – received a $50 million price cut and is now for sale for $195 million.
- It is still the most expensive house on the LA market, according to Variety.
- Before the price cut, the historic California estate was 960 times more expensive than the typical American home, which costs $255,000.
- Visit Business Insider’s homepage for more stories.
In 2018, the Chartwell Estate hit the market at $245 million, making it the most expensive home for sale in the US. Its price tag made it about 960 times more expensive than the typical American home.
In June 2019, the home received a $50 million price cut and is now listed at $195 million. Even with the price cut, it is still the most expensive home for sale on the LA market.
Sitting on nearly 11 acres, the main home of the Chartwell Estate was designed by Sumner Spaulding in 1930, according to the listing. In the 1980s, the mansion’s interiors were renovated by designer Henri Samuel – but no recent photos have been released, keeping the inside of the home a mystery.
Before hitting the market in 2018, the mansion was originally priced at $350 million. With no bites, the price was cut by nearly $100 million.
The Chartwell Estate isn't the only LA mansion that isn't selling. Another Bel Air mansion, nicknamed "Billionaire," is now on the market for $150 million, marking a roughly $100 million price cut from the original asking price of $250 million.
In fact, there are so many over-the-top mega-mansions on the market in Los Angeles that brokers are throwing $100,000 parties in them and making Hollywood-style movie trailers for the homes to attract buyers.
Keep reading for a look at the estate.
The Chartwell Estate sits on 10.39 acres in Bel Air, Los Angeles, one of the most "prestigious residential communities in the city of Los Angeles," according to luxury real estate firm Hilton & Hyland.
Source: Hilton & Hyland
The 25,000-square-foot mansion has 11 bedrooms, 18 bathrooms, and a ballroom.
Source: Realtor
The home was built in the 1930s for civil engineer Lynn Atkinson and later purchased by late Univision billionaire A. Jerrold Perenchio.
Source: Los Angeles Times
Perenchio commissioned French designer Henri Samuel to do a major renovation of the home in the 1980s to emphasize the 18th-century French neoclassical style.
Source: Realtor
The expansive grounds of Chartwell include manicured gardens and views that span from downtown Los Angeles to the Pacific Ocean. There's also a five-bedroom guest house, a tennis court, and a 12,00-bottle wine cellar.
Source: Hilton & Hyland
Some might recognize the mansion from its appearance in the opening credits of the CBS sitcom "The Beverly Hillbillies," which aired from 1962 to 1971.
Source: Hilton & Hyland
A pool house overlooks Chartwell's 75-foot swimming pool.
Source: Hilton & Hyland
The property also includes a car gallery that fits 40 vehicles, a five-bedroom guest house, a tennis court, and a 12,000-bottle wine cellar.
Source: Hilton & Hyland
The mansion's panoramic views span from downtown Los Angeles to the Pacific Ocean.
At $245 million, the home was previously the most expensive listing in the US when listed in 2018. And if that seems like a hefty price tag, consider this: Prior to hitting the market, it had been priced at $350 million.
Source: Los Angeles Times
If the estate had sold at or even near asking price, Chartwell would have destroyed the previous sale record in Los Angeles, which was set by a mansion in Malibu that sold for $110 million in April 2018. However, as of June 2019, the mansion's price has been dropped to $195 million.
Source: Business Insider
