A Bel Air spec mansion that once sought a $50 million price tag is heading to the auction block after failing to find a buyer.
The 19,348-square-foot home at 677 Nimes Road will be sold at auction with a $30 million reserve, Mansion Global reported, citing Paramount Realty U.S.A., which is handling the sale.
The auction for the home comes after years of languishing on the open market. The property, completed in 2023, sits on a 0.7-acre hillside lot and contains parking for up to 50 cars. Developer and entrepreneur Edward Ehsan, founder of Golden Palm Properties, assembled the property over the course of nearly a decade. He bought the site in 2015 for nearly $5.3 million when it hosted an 1,800-square-foot home that was teardown, Ehsan told Mansion Global.
Initially, Ehsan planned a quick flip, listing the land for $15.9 million in September 2016, then pitching it with development plans at nearly $22 million when it didn’t sell. When buyers didn’t bite, Ehsan pivoted to building the largest home the city would allow. The spec project hit the market in 2021 at just shy of $50 million before a series of cuts brought it below $40 million, still without a deal.
“I wanted to maximize the potential of the land,” Ehsan said. “I don’t have a formula about how I live; I basically go with the flow.” Ehsan has been living in the home, which he says is “more like a little boutique hotel in lower Bel Air than anything else,” since it was completed.
The six-bedroom home spans three floors with multiple kitchens and kitchenettes and amenities including a cocktail bar, wine gallery, theater, sauna, a hair salon and an infinity-edge pool and hot tub facing the city. A subterranean garage beneath the pool deck fits 22 vehicles, with additional outdoor parking for nearly 30 more.
After years of testing the traditional listing route, Ehsan is opting for auction amid a slowing Los Angeles ultra-luxury market segment. Online bidding for the property will run through June 11.
— Chris Malone Méndez
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