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Beverly Hills mansion becomes most expensive U.S. home on sale
Last Updated(Beijing Time):2007-07-11 15:32
A Beverly Hills mansion, once owned by a newspaper tycoon, has been put on the market with a price tag of 165 million dollars, making it the most expensive residential listing in the United States, it was reported Tuesday.

The 1920s-era pink stucco, H-shaped estate, dubbed Beverly House by late newspaper magnate William Randolph Hearst, is spread across about 2.6 hectares north of Sunset Boulevard, with everything a billionaire could want -- three swimming pools, 29 bedrooms, a state-of-the-art movie theater and even a disco.

According to a real estate report by the Los Angeles Times, the compound, which was put on sale Monday, boasts six separate residences -- four houses, an apartment and a cottage for the security staff.

The mansion was used as the West Coast headquarters for John F. Kennedy's presidential campaign in 1960, and reportedly appeared in the film "The Godfather."

The seller, attorney-investor Leonard Ross, bought the property in 1976 and is now seeking "a lifestyle change," said his real estate broker.

The asking price surpasses the 155 million dollars being sought by developers of an estate in Montana's Big Sky country, and the 135-million-dollar price of an Aspen, Colorado compound being sold by Prince Bandar bin Sultan of Saudi Arabia.

Six U.S. residences have come on the market with nine-digit price tags in the last two years, but so far no home sale has broken the 100-million-dollar mark in the country, said real estate researchers.

The current record remains the 94 million dollars paid by former telecom mogul Gary Winnick in 2001 for an estate in the affluent Bel-Air neighborhood near Beverly Hills, but experts said it is only a matter of time before the record falls.

With its breathtaking asking price, the latest Beverly Hills listing adds more luster to Los Angeles' Platinum Triangle, the neighborhoods of Beverly Hills, Bel-Air and Holmby Hills, where the pace of multimillion-dollar sales has outshone the rest of the region's housing market.

The number of homes in the Platinum Triangle that sold for at least 10 million dollars in the first five months this year doubled compared with the year-earlier period, while Los Angeles County overall saw a 19 percent decline in home sales for the same period.

New homeowners in the Platinum Triangle include actor Tom Cruise and his actress wife, Katie Holmes, Chief Executive Jeff Bezos and soccer star David Beckham and his wife Victoria.

Real estate experts said the high-end trend reflects the growing ranks of the wealthy, who so far have been immune from the troubles besetting the lower rungs of the housing market.
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