December 1, 2022 Breaking News, Latest News, and Videos

Is Santa Monica’s Most Expensive Property Still a Bargain?

22,640 square-foot property on market for $69 million

By Dolores Quintana

The most expensive property in Santa Monica has been marked down but is still the most expensive property in the area as reported by Realtor.com. Originally listed at $90 million, the luxury property near the Riviera Country Club had its price reduced twice and the 1.61-acre property is now listed at $69 million. Santiago Arana of The Agency is the listing agent and has explained by the 22,640 square foot mansion is still the most expensive property but is strangely one of Santa Monica’s better deals. 

Arana said, as quoted by Realtor.com, “We’re actually asking somewhere around $2,600 per foot. A lot of expensive houses in this area have been selling for around $3,000 to $3,360 per square foot. So dollar per square, it’s not the most expensive. It’s actually very reasonable.”

Of course, the big question here is why the price was reduced. Apparently, the price was set according to the area’s comps which is why the price was originally so high according to Arana. 

Arana added, as quoted by Realtor.com,  “Because the property is so large, it yields a bigger number. It’s really not a crazy number when you look at it that way,” he says. “I guess it didn’t sit well with the market, though, and that’s why we reduced it a couple of times.”

The current price drop might be what buyers are looking for. 

Arana stated, as quoted by Realtor.com, “Since we repriced it a few days ago, I have four showings already, and it’s probably going to go shortly.”

The current owner paid $36 million for the property in 2018 and demolished the original structure according to the agent. Then he had a new mansion built with plans by Molori Design, a company that normally works on the designs of luxury yachts. 

The interior furnishings are all custom designs with design input from Minotti, Flexform, Fendi, Bentley, and other luxury brands. Arana said, as reported by Realtor.com, “They brought over 15 experts from Italy to work on the craftsmanship of the house, both the inside and out,” 

No expense was spared for this seven-bed, 13-bath estate including the finishes that are made with materials such as Macassar ebony, brushed limestone, and polished marble.

The master bedroom is massive at 2,500 square feet and has a fireplace, dual walk-in closets and marble bathrooms. It also has glass walls that open out to the private balcony for the suite that overlooks a golf course. 

The estate has a 125-foot-long pool and a spa that sits overlooking the nearby hillside. There is a covered cabana with a dining table that seats 16 people and a full kitchen that features wood cabinets and the requisite luxury appliances. The home has a screening room with couches and tables for comfort, a basketball half-court, a karaoke room and a wine cellar. The estate has parking for 12 vehicles and the driveway is big enough to accommodate 20 parked cars. 

What’s more, is that this is a rare estate that isn’t located high up in the hills. The property is also close to the beach, local hiking trails, restaurants and shops. 

The reason that the owner is selling the property after putting so much work into is that he never really lived there because the pandemic hit. Arana explained, as quoted by Realtor.com “When COVID hit, he spent very little time in there, and he decided that he wanted to sell it. Life changed for a lot of people during COVID.”

in News
Related Posts

Local Restaurants Burger Named Best in the Southland

November 30, 2022

November 30, 2022

Hank’s Palisades’ burger named best in the Southland by the LA Times Hank’s restaurant in the Pacific Palisades and Executive...

46 Samohi Orchestra Students Chosen for CODA Honors Orchestra

November 30, 2022

November 30, 2022

Students to play in two San Diego concerts this weekend Santa Monica High School (Samohi) announced that 46 orchestra student...

Loews Santa Monica Beach Hotel Celebrates the Holidays

November 29, 2022

November 29, 2022

Head to the beach this December to experience the hotel’s seasonal family-friendly activities This year, Loews Santa Monica Beach Hotel...

Free Holiday Events In Downtown Santa Monica This December

November 29, 2022

November 29, 2022

The Santa Monica Place hosts weekly events throughout the month of December, learn what is happening in this video sponsored...

Santa Monica Issues Moratorium on Parkway Ordinance After Public Dispute

November 29, 2022

November 29, 2022

Move comes after backlash from residents By Keemia Zhang Santa Monica has placed an indefinite moratorium on a previous directive...

Police Seek Suspects Wanted for Santa Monica Jewelry Store Burglary

November 28, 2022

November 28, 2022

Four suspects wanted in connection to November 20 incident  Police are searching for four suspects wanted for robbing a Santa...

Vehicle Drives Over Palisades Park Bluffs

November 28, 2022

November 28, 2022

Driver cited for DUI following Saturday incident By Sam Catanzaro A car drove over the bluffs at Palisades Park in...

More Than 1,000 Food-Insecure Santa Monica College Students Gifted Thanksgiving Groceries

November 23, 2022

November 23, 2022

3rd Annual GIVING THANKS(giving) event returns By Sam Catanzaro As college students across Southern California continue to struggle accessing basic...

Nourish L.A Feeds Thousands Each Week With Excess Food

November 23, 2022

November 23, 2022

Local organization Nourish L.A turns excess food into groceries for those who are food insecure in our neighborhoods and the...

Local Boy Scout Leads Effort to Fix Termite-Infested Trail Handrail

November 22, 2022

November 22, 2022

Ari Candela leads community service effort on a Beverly Hills hiking path By Keemia Zhang Last month, Ari Candela, patrol...

Pacific Park Presents An ‘A-Maize-Ing’ Ferris Wheel Thanksgiving Celebration With 90-Foot-Tall Turkey And All The Trimmings

November 22, 2022

November 22, 2022

Pacific Park on the Santa Monica Pier presents an “a-maize-ing” Ferris wheel Thanksgiving celebration with a fun, festive light program...

ICE Grand Opening Welcomes over 1,300 on Opening Day

November 22, 2022

November 22, 2022

ICE Santa Monica has returned for all day skating and fun for the whole family learn about what’s changed after...

SMMUSD Superintendent Leaving Post

November 21, 2022

November 21, 2022

Dr. Ben Drati to become Superintendent of the Bellflower Unified School District By Sam Catanzaro Santa Monica-Malibu Unified School District...

Two People Hospitalized in Ocean Front Walk Stabbings

November 21, 2022

November 21, 2022

Jamal K. Lampitt arrested in connection to November 17 stabbings Two people were hospitalized following stabbings on Ocean Front Walk...