What’s Bruce Makowsky’s $250M Bel Air spec home really worth? “There is something special about owning one of the most expensive properties — there is ego attached”
Developer Bruce Makowsky (inset) and his $250M home as well as brokers Rochelle Maize of Nourmand Associates, F. Ron Smith of Partners Trust and Josh Flagg of Rodeo Realty
America’s priciest listing developer Bruce Makowsky’s $250 million Bel Air spec home is a flamboyant display of luxe living. It is surrounded by a moat-like canal and features an elevator lined in crocodile skin, Hermès plate settings and a Louis Vuitton-designed bowling alley. It comes with a $30 million car collection and comes both fully furnished and fully staffed for the first two years.
Makowsky purchased the site in 2013 for a mere $11 million, according to property records. Sources familiar with the development told The Real Deal he spent north of $50 million to transform it. If it sells for its record asking price, he would net a not-too-shabby $189 million return on his investment.
Whether or not that return expectation is realistic is another matter.
Industry experts have mixed opinions on whether the property, at 924 Bel Air Road, is really worth its hefty asking ask. Some said the price itself will sell the house to a buyer looking for a trophy estate, while others said it is likely to sell in a lower range.
“It’s beautifully done and fun to see,” said Rochelle Maize of Nourmand Associates of the property, which is listed by Branden Williams and Rayni Williams of Hilton Hyland, as well as Ben Bacal of Rodeo Realty. “But the price is inflated.”
All house, no lot
While the home is huge a sprawling 38,000-square feet there is not much land around it, which decreases its value, Maize said.
“It’s kind of smoke and mirrors,” she said. “When you think of someone that [will pay] $250 million for a home or second or third home, you’re thinking privacy or a lot of land and this is all house.”
Maize said the home’s actual value is likely around $135 million, a price point echoed by other brokers in conversations with TRD.
Josh Flagg of Rodeo Realty and Bravo TV’s “Million Dollar Listing” called the listing price “obscene.”
“You could buy 10 acres in Holmby Hills for $90 million,” he said. “Someone will buy it, but I don’t think at $250 million. That would be insane considering [the] Playboy [mansion] sold for $100 million.”
But others argued that the price-tag itself could be a selling point, since a fl爱上海同城对对碰