About a month ago, I presented one of my previous entries in class— I reported on a mansion in Miami on a private island. Since I’m a real estate- finance major, it should be no surprise that I’m interested in over the-top residential and commercial developments. Believe it or not I found a home in Beverly Hills that even more over-the-top than the one I spoke about earlier.
Priced at a shocking $68,500,000, the sunset mega- mansion located just east of Rexford Boulevard in Beverly Hills is, to say the least, unbelievable. Modeled after the Palace of Versailles, this castle cost its owner— real estate developer C. Frederick Wehba— $60,000,000 to build. According to an online article, this home covers over 2 acres of land and has over 36,000 square feet of living space. There are 9 bedrooms, 13 bathrooms, a pool, movie theater, and that’s just the start. Keep in mind, the US economy is in the middle of one of its worst real estate disasters in history. The whole house covered from top to bottom in hand carved French marble. According to The Los Angeles Business Journal the door handles are gold plated and weight 15 pounds each! Why would someone ever have a golden door handle on his or her home?
Ironically, Mr. Wehba did not build this oversized castle to live in. He built it as an “investment” and location for his church’s benefits. Well. At least he’s putting the house to good use since it will by no means make a profit in the current market. This “investment” was a failure.
Who in there right mind would think that they would be able to make a profit on a $60 million house? The thought of this guy even thinking that this would make him a profit is pretty fascinating. No one is buying a house right now, especially for this price. I'm not going to lie, it is a very nice looking house, but even if I was really rich, I don't think I would buy this house. Spending this much money on a place to live seems like a ridiculous thing to do in this economy.
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