In L.A.’s over-the-top spec market, the only thing bigger than the homes are the price tags — and eventually, the price cuts.
The latest example spans 34,000 square feet on an acre in Bel-Air, where celebrity plastic surgeon Raj Kanodia was seeking $180 million for his massive spec mansion in 2018. With no takers in two years, he just dropped the price to $99 million, down 45% from his astronomical asking price.
Spec building is the epitome of high-risk, high-reward, with luxury developers erecting some of the largest houses in Southern California without a buyer lined up and slapping on price tags that regularly top $100 million. If they can’t find a buyer, tax bills add up quickly; as of last year, The Times reported that there were 12 properties in L.A. County with an annual property tax bill of more than $1 million.
This often leads to dramatic price cuts, and Kanodia is far from the first to significantly lower his ask. Unica, a Spanish spec villa of 41,000 square feet, hit the market for $100 million before relisting for $78 million in September. In 2016, Bruce Makowsky offered his 38,000-square-foot mansion for $250 million, making it the priciest listing in the country, before eventually selling it three years later for $94 million. Coincidentally, Makowsky’s place sits right next door to Kanodia’s.
The 34,000-square-foot home. (Simon Berlyn)
The entry. (Simon Berlyn)
The indoor-outdoor living room. (Simon Berlyn)
The fireplace. (Simon Berlyn)
The bedroom. (Simon Berlyn)
The bathroom. (Simon Berlyn)
The patio. (Simon Berlyn)
The three-story home. (Simon Berlyn)
The lawn. (Simon Berlyn)
The gardens. (Simon Berlyn)
The side of the home. (Simon Berlyn)
The backyard. (Simon Berlyn)
The hillside home. (Simon Berlyn)
Built in 2018, Kanodia’s home spans three stories on a lush hillside lot with sweeping views of the city. A 29-foot entryway sets a dramatic tone, leading into an expansive glass-covered floor plan with nine bedrooms and 20 bathrooms.
Throughout the home, pocketing doors slide to create scenic indoor-outdoor spaces. Highlights include a living room with a spiral staircase, a bold stainless-steel kitchen and multiple wet bars.
Lounges and dining patios descend to a 90-foot infinity pool out back, and at the edge of the property, there’s a spacious lawn and a series of tiered gardens.
Branden and Rayni Williams of the Beverly Hills Estates hold the listing.