This could be the most expensive mansion to be auctioned

By Backend Office, Desk Reporter
Beverly Hills Mansion Image
The magnificent Villa Firenze at Beverly Hills

A 20,000-square-foot mansion in California, US, is up for auction and with an asking price of $160 million, it could become the most expensive home ever to go under the hammer.

The 13-bedroom Villa Firenze is set across more than 9 acres of land in Beverly Hills, and can be accessed via its own private street, according to Concierge Auctions, which is handling the sale. The home is decked out with vaulted ceilings, multiple fireplaces and 25 bathrooms, while the wider estate features three separate guest houses.

The gated mansion is located in the exclusive North Beverly Park neighborhood, home to celebrities including Rod Stewart, Denzel Washington and Sylvester Stallone, according to a press release.

Designed by California-based architect William Hablinski, the property is described by the auction house as an “authentic Italian village.” Outdoor amenities include a jogging trail, swimming pool, Jacuzzi, pool house, tennis court and a courtyard big enough for 30 cars.

“This is truly a masterpiece that is quite possibly impossible to recreate,” the property’s owner is quoted as saying in the press release. “Many of the world’s most desirable, coveted items are sold at auction and like these, Villa Firenze is also a work of art in itself.”

The lavish home was listed by real estate agents Hilton & Hyland at $160 million, which, if achieved, would make it the most expensive residential property to ever sell at auction, Concierge Auctions said.

Despite the apparent risk, the auction house’s chairman Chad Roffers said that auctions can be a better bet for people selling properties at the top end of the market. “When it comes to properties valued in excess of $10 million — let alone $100 million-plus — the buyer pool is extremely limited, which typically leads to months and years on the market,” said Mr. Roffers adding that the traditional sales method has its limitations.

In 2018, prior to being put up for auction, Villa Firenze had been listed for sale with a reported asking price of $165 million.

“In Beverly Hills, the average number of days on the market in 2019 was 324,” said Mr. Roffers. “Our research shows that if a luxury property hasn’t sold within 90 days, it will likely remain on the market for the next three to five years and eventually sell for a fraction of the original price.”

The auction will take place online, over the course of eight days, from January 26.

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