A lavish residence in Beverly Hills known as the Villa Firenze has been a fixture among luxury real estate listings in the area for two years now. But thanks to its high price tag, no buyer has been found, and real estate site CNBC and other outlets are now reporting that the mansion is headed for the auction block, and if it goes for $160 million it would break an auction record for single residential properties in the United States.
Next month, bidding will begin on the home, and its list price alone breaks a record for most expensive homes under the gavel. But, with no minimum reserve price, some lucky buyer could get a significant bargain on the property compared to its $160 million list price – which might have arguably been an overly optimistic price all along.
As for the Villa Firenze estate itself, it's a jewel at the absolute top of the luxury real estate pyramid, whether it ends up actually selling for $160 million or not. Here's how it's described in the auction listing:
"Enter another world at Villa Firenze, where an authentic Italian village has been crafted over the largest assemblage in North Beverly Park, encompassing more than nine pristine acres across three lots. Privacy is paramount at the most exclusive guard-gated community in Los Angeles, where, accessed by its own street, the property's expansive gates open to an immense courtyard with space for 30 cars, surrounded by lush 40-foot-tall Canary Island palms. Host lavish parties across 20,000-square-feet of space with large and formal gathering areas, or entertain guests for a weekend staycation at your two-story guest house. A walking/jogging trail meanders the perimeter of the estate and its sweeping four plus-acre, exceptionally manicured backyard. Entertain a slice of European lifestyle with resort amenities galore including a pool with pool house and outdoor tennis court. Welcome home to your one-of-a-kind escape—one of the finest ever offered—in the heart of Los Angeles."
While the home's previous list price in the $160 million range will make it the most expensive residential property to go up for auction in the US, it would be a stroke of very good luck for the home's current owner (billionaire Steven Udvar-Hazy) if it ended up selling at auction for anything close to that price. For perspective, the previous record-holder was a home in Hillsboro Beach, Florida that was listed for $159 million back in 2015, and when it went up for auction three years later it ended up selling for much less: $42.5 million.
Whatever the price, Villa Firenze is an impressive piece of work, and you can take a look at it in the slideshow below from YT Real Estate. Bidding is set to begin on January 26th, 2021.