Real Estate

L.A.-area Home Sets Auction Record With $51M Sale

A mansion known as the Villa Firenze in Beverly Park, Calif., has sold at auction for $51 million, setting a record for the most expensive home ever sold in an auction, according to media reports. While the public record of the auction shows the home sold for $51 million, an additional deal for the home’s furnishings brought the transaction up to $60 million, the Los Angeles Times reports.

The 28,600-square-foot, Italian-inspired mansion was originally listed for $165 million and had been on the market since 2017. It hit the auction block earlier this year with Concierge Auction, and there were no reserves in place for the auction.

The mansion’s final price tops the prior $42.5 million record for a home in Hillsboro Beach, Fla., which also was sold at auction by Concierge Auctions, an online marketplace for luxury real estate. Villa Firenze’s final auction price makes it Southern California’s most expensive real estate deal so far this year.

The home’s seller was Steven Udvar-Hazy, a Hungarian billionaire who soared to fame in the aircraft leasing business. He purchased the property in 1993 and combined three lots to create a 10-acre estate. It features a 30-car courtyard, a pool, guesthouses, a tennis court, jogging trail, and 20 bedrooms. Rick Hilton and Jeff Hyland of Hilton & Hyland held the listing, while Richard Klug of Sotheby’s International Realty represented the buyer in the auction.

The auction took place in February, but the closing occurred much more recently, which allowed public records to reveal the final price, according to media reports.

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