The ultra high-end Los Angeles real estate market is extremely strange at the moment. A couple days ago, a nearly-completed 100,000 square-foot mansion called “The One” defaulted on its construction loans and was forced into receivership after it could not find a buyer. Over in Malibu, football legend Joe Montana happily paid $7 million (one third of his all-time NFL earnings) for a three bedroom home that’s less than 1,400 square feet.
Down the block from Joe’s new beach shack you’ll find Pierce Brosnan’s absolutely stunning 13,000 square-foot multi-structure beachfront compound. Despite being absolutely perfect, Pierce could not find a buyer at his $100 million asking price for over a year, so he just took it off the market.
And then there’s this latest news involving Snapchat’s billionaire CEO Evan Spiegel. According to Dirt.com, Evan and his supermodel wife Miranda Kerr just paid $100 million for a mid-construction property in an area called Holmby Hills.
So that’s $100 million to have the privilege of spending another likely $20-50 million completing the project.
Read more here https://www.celebritynetworth.com/articles/celebrity-homes/evan-spiegel-just-snapped-up-a-100-million-unfinished-property-right-across-from-the-playboy-mansion/