It's no secret that California is expensive. No matter how you look at it, it costs more to live in the Golden State than it does in most of the U.S. From apartments to houses, Californians spend a big chunk of their salaries on their homes. Los Angeles is one of the most expensive places in California as well as the U.S. The median home price in Los Angeles is $717,583. For comparison, the median home price in Las Vegas is $238, 384 and in Phoenix, it is $260,962. In Chicago, it is $241,561. In Tulsa, that price is $127,028. In Dallas, it is $219,173. That's how much more expensive Los Angeles is than other areas. (Yes, we know San Francisco, Manhattan, and Seattle have higher median home prices, when we're talking about more than three-quarters of a million dollars it is all just relative and too expensive for 99% of us.)
The average yearly property tax bill for a single-family home in Los Angeles County is around $5,600. However, there are 12 homes in Los Angeles that pay more than $1 million a year in property taxes. Today, we're talking about the $100 million Holmby Hills mansion of Detroit Pistons owner Tom Gores. Gores bought his 10 bedroom, 20 bathrooms, 30,000 square foot mansion on 3.2 acres in 2016 for $100 million. The master bedroom suite of the home is 5,300 square feet – that's roughly twice the size of the average home in the U.S. The property has three swimming pools, two of which are infinity pools. His property tax bill is $1.22 million annually.
The home was a spec mansion built on the grounds of Barbra Streisand's former "Mon Rêve" estate. It was developed by Gala Asher, who bought the property as a vacant lot in 2014 for $13.25 million. Completed in the spring of 2016, the home was listed for $150 million. The home has a wine room and theatre with a separate entrance for guests. A spa area features an indoor water wall that flows into a lap pool. The property has a hair salon, manicure/pedicure area, as well as steam and massage rooms. The exterior of the property features its own hiking trail. There's parking for more than 50 cars as well as a 10-car garage.
Israel-born Tom Gores moved to the U.S. at age five. He made his money through private equity investments. Not sexy, but effective. He is the founder of Platinum Equity, a global private equity firm headquartered in Beverly Hills. He purchased a majority stake in the Pistons for $325 million in 2011. In 2018, he bought out the remaining shares. He has a net worth of $2.9 billion.