In a move set to redefine luxury living in Los Angeles, an opulent penthouse has hit the market with a staggering $50 million price tag. This listing is not just another high-end property; it’s special and aims to break the record for the most expensive condo ever sold in L.A.
Los Angeles, known for its iconic single-family homes that often eclipse the value of even the most luxurious condos, is witnessing a potential game-changer. This trend, unlike what we see in New York, Miami, or Chicago, where luxury condos command astronomical prices, is on the verge of a possible shift. The current L.A. condo sales record was set in 2010 by Candy Spelling, widow of renowned T.V. producer Aaron Spelling, who acquired a penthouse at the Century for $34.8 million. In stark contrast, a single-family home in Malibu owned by Beyoncé and Jay-Z was tagged at around $200 million earlier this year.
Vicki Walters is the seller of this $50 million penthouse. Her late husband, Raul Walters, was well-known in real estate. The penthouse is located at Century and was designed by famous architect Robert A.M. Stern. It’s massive – about 9,400 square feet – and has three bedrooms, two terraces, and many additional amenities, including a 1,200-square-foot office suite, a 500-square-foot studio, a pool cabana, and four private parking spaces.
Vicki Walters acquired this architectural marvel in 2015 for $22.5 million. The interiors, crafted by Matthew Boland of MMB Studio, exude sophistication and elegance. Boland’s design elevated the space with higher ceilings, custom lighting, and a commercial-grade HVAC system, maintaining a cool 60 degrees, perfect for keeping fresh flowers.
The penthouse is beautiful, with onyx featured in the main bathroom and eucalyptus wood in the office. The main bedroom is large and luxurious, with a 13-foot couch, a dining area, and exquisite custom lace and cashmere draperies.
Despite these abundant offerings, L.A. residents usually spend less on condos. Billy Rose from The Agency remarked that people in L.A. like having big houses instead of sharing a building with others, stating: “Why would I ever consider sharing my walls, my ceiling, my floor, my elevator, my parking, or my pool with anyone else?”
This mindset has led to a somewhat stagnant high-end condo market in L.A. Past listings, like the two penthouses at 8899 Beverly Boulevard, tagged at $50 million each, or the $75 million penthouse at the Four Seasons (now reduced to $37 million), haven’t seen the expected traction. Michelle Montany of 8899 Beverly notes the “aspirational prices” of these penthouses, which often don’t align with market expectations.
Looking at recent sales, even celebrities like Rihanna, who bought a full-floor penthouse at the Century for $21 million, or “Friends” actor Matthew Perry, who sold his unit for $21.6 million, are spending far less than the asking price of this $50 million listing. The market has generally seen the high-water mark for condos settling at around $21 million.
L.A. residents often prefer big single-family homes because the city has more space. Aaron Kirman of AKG | Christie’s International Real Estate says that for the price of a fancy condo, you could buy a large piece of land in a great area like Bel-Air.
However, things in L.A. might be starting to change. More fancy condos like the Rosewood Residences and the Park Elm are being built, and real estate agents are hopeful because rich people want to purchase these luxury condos. Some are looking for a second home in L.A. while others want to move from big houses to something smaller yet still fancy.
Branden Williams from The Beverly Hills Estates says a special group of buyers prefer condos that offer 24-hour security and services, like living in a hotel, but with the privacy of their own home. These fancy condos are popular because they are easy to live in, safe, and convenient.
The $50 million price tag on Walters’s penthouse, as per listing agent Bachir Oueida, is justified by the level of detail and the significant investment in creating a unique living experience. Oueida argues that buyers at this price point are paying not just for luxury but for the time saved from embarking on a three-year remodeling or build-out journey.
This sale could change how people think about luxury condos in L.A. It’s a big step for the real estate market there, and it might start a new trend for luxury living in a city known for its beautiful views and famous people.
