Jeffrey Feinberg, billionaire at Feinberg Investments and former managing director of George Soros’ hedge fund, is facing a new mansion tax on Los Angeles’ luxury real estate market.
Investors are ready to accept a $6 million cut on his luxury 7-bed, 11-bathroom property. This is reportedly far less than his $44 million he paid two years ago, just to avoid losing another $2 million when new taxes hit. CNBC.
Decorated with the most luxurious amenities money can buy. kobe bryant With a themed basketball court and a 70-foot infinity pool with panoramic views of the California coast, this property is one of the most luxurious in the country.
Feinberg isn’t the only one feeling the pain, and many of the area’s most expensive mansions on the market look like they’re going to give their current owners a fortune.
The home of financier Jeffrey Feinberg is looking to sell his sprawling Los Angeles estate quickly to avoid the looming mansion tax.
Feinberg, pictured, is the head of Feinberg Investments and former managing director of George Soros’ hedge fund.He’s reportedly ready to sell his house at a loss of $6 million
Luxury home with 7 bedrooms and 11 bathrooms
70-foot infinity pool overlooks the California coast
Feinberg faces huge losses thanks to LA’s new property tax. That would make the city cut his 4% of all home sales between $5 million and her $10 million.
And for properties selling for $10 million or more, officials receive a whopping 5.5% when homeowners cash in.
Local laws, which take effect April 1, are forcing Feinberg’s hand after a year-long struggle to part with his lavish fortune.
After purchasing the home for $44 million in 2021, Feinberg put the home back on the market for $48 million just one year later, but found no buyer.
He later brought in an aggressive pricing strategist to cut the asking price by $10 million. This would cost Feinberg the equivalent of $64,000 for every 94 weeks he lived in the house.
And it’s easy to understand why the estate was reportedly running millions in financial costs, especially for the full staff needed to maintain it.
Numerous private decks are spaced across the sun-drenched behemoth. It features a unique open plan rooftop design surrounded by gorgeous neighbors.
The maze inside is set with clean, tasteful finishes and expansive rooms, including a game room, home cinema, golf simulator, and seven luxurious bedrooms that rival the world’s most expensive hotels.
On the lower floor, glass walls offer a glimpse inside a sleek gallery of cars – sure to be filled with supercars worthy of anyone who can afford a giant mansion.
The lower deck features a glazed gallery housing an array of supercars
A Kobe Bryant-inspired basketball court sits on a sun-drenched property
The luxury property also has a private cinematic screening room
In November, the city of Los Angeles voted to approve a new mansion tax that is expected to raise between $600 million and $1.1 billion annually.
The funds will be channeled into the region’s Affordable Housing and Tenant Assistance Program, withdrawing funds from all home sales over $5 million.
Unless miraculously finds a buyer within a week, one of the hardest-hit properties on the market is currently selling for a whopping $139 million, according to Zillow. A sprawling 12-bedroom mansion in Bel Air.
Dubbed ‘Le Fin’, the mansion offers panoramic views of Los Angeles and its aesthetic design rivals nearly any home in the country.
A spiral staircase winds around a massive 55,000-crystal chandelier, and all the furniture is custom-made by Italian luxury brand La Contessina.
However, if sold at current market prices after April 1st, the new mansion tax would be over $7.6 million from the sale.
A sprawling 12-bedroom property called ‘Le Fin’ pictured is currently on the market for $139 million
Luxury property owners will lose $7.6 million if they sell their homes after April 1st.
The home features a living room full of supercars and luxury amenities
A spiral staircase winds around a massive chandelier made of 55,000 crystals on the grounds
The city will get even more from the sale of another luxury home in the area, with ‘The Manor’ branded home in the exclusive community of Holmby Hills going for $155 million.
The city took a whopping $8.5 million from its sale, but the new owner certainly enjoyed its many features and will find it worth it.
Nestled on four majestic acres, The Manor offers a private escape from the hustle and bustle of LA while adjoining the prestigious Los Angeles Country Club.
Offering 27 top-of-the-line bathrooms spread over 56,500 square feet, the home also includes a bowling alley, tennis court, beauty salon, rose garden, and professional screening room.
This sprawling mansion, pictured as ‘The Manor’, is one of the most luxurious mansions in the country.
The City of Los Angeles will receive an outrageous $8.5 million from the sale.
The home has many amenities including a bowling alley, beauty salon, rose garden and professional screening room.
For those who don’t want to cross the $100 million threshold, upscale $49 million real estate is also in the new condominium tax crosshairs.
Also located in the highly sought-after community of Bel Air, the stylish home boasts six bedrooms, 11 bathrooms and unobstructed views of the Pacific Ocean.
Sun-drenched decks with lush landscapes and infinity pools are just a stone’s throw from your private indoor spa.
And with a private wine cellar, gourmet kitchen, and home theater, the home’s amenities are spread across 5,000 square feet.
But under LA’s latest taxes, the owners would lose just over $2.7 million if they split up after April 1st.
Available for $49 million, this home is located within the highly coveted community of Bel Air.
Its sale offers LA a $2.7 million payday thanks to new mansion tax
Stunning Views Aside, Stylish Home With Private Wine Cellar, Gourmet Kitchen, Home Theater
The home’s sleek design makes it one of LA’s most stylish mansions.
Among the most exclusive properties subject to the new wealth tax, the enviable property located within the premier Palisades Riviera is available for $64 million.
While not the largest on the list, the 13,000-square-foot home on just over 1.1 acres also includes a 3,000-square-foot two-bedroom guest house.
Boasting eight bedrooms and 14 bathrooms, the gorgeous home also includes two dens, a gym, media and games room, and a Japanese spa soaking tub.
Outside, a long driveway ends on a picturesque property with a large pool and hot tub in the manicured backyard.
However, if the owner fails to sell within a week, the owner will lose $3.5 million.
This $64 million home is one of the most exclusive homes in LA’s expensive housing market
With 8 bedrooms and 14 bathrooms, the home maintains an aesthetic style not found in West Coast mansions.
Panoramic views of the LA skyline from the master bedroom
The classy home is complete with traditional finishes, including stacked bookshelves adjacent to the dining room
https://www.dailymail.co.uk/news/article-11900385/Huge-LA-mega-mansion-approaches-deadline-WEEK-seller-loses-fortune.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Massive LA mansion closes to deadline in a week before seller loses fortune