Ever heard of a $15million price reduction?

2 Replies

Record setting price for a home in Beverly Hills closed today.

A friend of mines brokerage worked on this $70million transaction that closed today. 

Thirty five year old Markus Persson (inventor of the popular video game Minecraft) closed today on this home after winning the bid just 6 days ago for $15million below the asking price of $85million. 

Apparently there were multiple offers and somewhat of a bidding war and at the end of the day the "all cash 6 day close" offer (so aggressive that would make even a Ron Legrand proud) won the bid. 

Let me know what you think of this house.  

I personally think the house would have sold for more with a shorter escrow had the videographer put the shots of the garage (starts at approx 2:45) more toward the beginning of this video tour:

http://vimeo.com/102897742

What say you?

It's very hard to know exactly what homes at the very top of the market are worth when buyers like Persson (billionaires) are interested. I have a couple Minecraft addicts at my house, so maybe we should get to visit. 

And that garage, I immediately thought Tony Stark. 

I've seen this house and it is amazing. The sellers purchased it in 2012 for $12,650,000.

The house is 22,300 sq ft. Let's presume it cost $300 sq.ft. to develop it out, they're looking at just under $7M for costs. Let's say they were all in for $25M. At a $70M sale price, they made quite a decent return.

If I were the developer with these margins and someone was willing to wire me $70M in six days, I would take it.

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