The business of selling houses at $250 million, the latest Yankee real estate failure

American real estate developer Bruce Makowsky was firmly convinced that supermillionaires did not have a newly built housing market commensurate with their fortunes. For this reason, he built in Beverly Hills what was announced as "the most extraordinary, exciting and spectacular contemporary property ever built and in the most beautiful place". One he intended to sell for $250 million. However, after two years of sale, the house has been sold for $94 million.

Bruce Makowsky se inició en el sector de bienes inmuebles después de vender su compañía de bolsos y zapatos de lujo, Kathy Van Zeeland, a la firma Li & Fung por 330 millones de dólares. Makowsky explica en su página personal que sus más de tres décadas en el sector de la moda de alta costura le ha llevado a "tener una visión única de la mecánica de la industria del lujo".

Thus, this real estate entrepreneur understands that supermillionaires are used to spending between 50 and 500 million dollars on private yachts or jets and instead are living in houses of between 20 and 30 million dollars. And if this happens, in Makowsky's view, it's because no one is feeding the brick market of new high quality housing. An interesting business vision that hasn't captivated millionaires. However, the final sales price reached by this building is above market prices in the area.

@ keith _ ng how to eat 5 Brioche in lockdown?

— potato enthusiast Wed Feb 03 10:47:01 +0000 2021

Why was it so expensive?

The story behind this property goes back five years in time. According to Makowsky, he carried out an exhaustive land and air search "to find a stage to the height of this masterpiece", which ended up in the Bel Air hills, within the Beverly Hills platinum triangle, Holmby Hills and Bel Air. This enclave, the entrepreneur says on his website, is the home "where the richest people in the world live, from business magnates to the Hollywood elite."

In addition to this exclusive demographic location, the estate where the mansion has been built stands out for having a spectacular view of California, in particular, a panoramic view that extends along the snowy mountains of San Gabriel, passing through the heart of Los Angeles and reaching the sunny beaches of Malibu. Makowsky also recalls the great weather in Los Angeles that continues all year round.

The housing in question has 11,582 square metres of living space (distributed on four floors) and its construction required more than 300 workers and four years. In total, the property has 12 rooms, 21 bathrooms, three kitchens, swimming pool and up to one helicopter. Also, candy dispensers on the walls, massage parlor, spa, four bowling tracks or a movie room for 40 people. However, a curious fact about this property and which coincides with the business line initiated by Makowsky is already furnished, decorated and ready to live. Just like when a billionaire buys a megayate or a private plane.

In this way, the interior of this property, according to its creator, "simply smells of quality and is absolutely spectacular. It gives the feeling that you can only get something like this if you go to heaven." Among the many decorative elements it has, stands out a collection of 150 original works of art, decorative guitars with encrusted jewels, giant black and white photographs of Cher and a marble sculpture from a Birkin handbag of Hermès. Also, the master bedroom has a Hermès Manton hanging on the wall. And as a cherry, this house not only has a large garage, but also includes a collection of luxury vehicles valued at more than 28 million.