Usually, you think of art, jewelry, or memorabilia from famous people when you consider luxury objects that are being auctioned. Periodically, luxury properties are auctioned off, but usually this happens as a result of a foreclosure or other legal action. That’s not the case with Villa Firenze, the ultra-luxurious Beverly Hills estate that just set the record for most-expensive home sold at auction in US history. And that’s even after it was sold for 63 percent less than what was originally listed for!
Steven Udvar-Hazy, a millionaire who makes his living leasing airplanes, is the seller.
Steven earned his first fortune thanks to a company called International Lease Finance Corporation. He founded the business in 1973 and sold it to the world’s largest insurer, AIG, in 1990 for $1.2 billion. His most recent business, Air Lease Corporation, is listed on the stock exchange and has a market value of about $5.6 billion. Around 300 aircraft are owned by Air Lease and are leased to airlines and private clients all around the world.
For more than 30 years, they have owned the land on which Villa Firenze was built. In 1998, they finished building Villa Firenze. For the first time, it was put up for sale in 2018 for $165 million.
They decided to put the house up for auction after two years of trying to sell it without success. Perhaps they merely wanted to get rid of it? End of February saw the start of the auction, and it just ended this week.
The listing’s owner, Concierge Auctions, also informed the Journal that “the reported price isn’t representative of the total amount” and that “the intricate transaction contained various additional considerations that wouldn’t be recorded publicly.”
Villa Firenze, which cost either $50 million OR $60 million, is currently the most expensive house ever to be purchased at auction. The transaction surpasses the $42.5 million bid at auction in 2018 for a house in Hillsboro Beach, Florida. The initial asking price for that house was $160 million.
If California utilizes the $51 million MLS price, the new owner, whose name is still unknown, would be responsible for $510,000 in annual property taxes. So the new owner has to make (or burn from savings) about a million dollars pre-tax each year to cover this one bill.
How much does Villa Firenze’s upkeep and landscaping cost on a monthly basis?
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