Why LA’s Sprawling Villa Firenze Is on the Market for $120 Million—After Selling for $51 Million in 2021

Two years ago, one of the most expensive houses in the world was listed for $160 million. After a whopping 70 percent discount, the mansion in Beverly Hills, California, was auctioned for $51 million last April. Now, a little over a year later, the property is available again - and it's costing more than double what it was last sold for.
The massive mansion known as Villa Firenze is located in a gated section of LA's famed neighborhood. The Tuscan-inspired home sits on nearly 10 acres and features 31,624 square feet of living space that includes 12 bedrooms and 14 bathrooms. Built over a five-year period by architect William Hablinski, it was completed in 1998 with distinctive features such as vaulted ceilings and carved moldings. You'll also find luxurious amenities ranging from a pool with a two-bedroom pool house to basketball and tennis courts and even a "practice soccer" field.
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An aerial view of the expansive property. - Photo credit: Adam Latham/Sotheby's International Realty
Adam Latham/Sotheby's International Realty
The North Beverly Park estate was the longtime home of Hungarian-American billionaire Steve Udvar-Hazy and his wife Christine. In 2018, the couple originally wanted $165 million for the apartment, according to Dirt. After selling it at auction, biotech entrepreneur Roy Eddleman has lived alone in the home, which has staff quarters, five family-style bedrooms with ensuite bathrooms, and a master suite. The latter includes spacious double bathrooms, double dressing rooms and double offices. Outside, expansive lawns and formal gardens add to the dreamy vibe.
Listing agent Richard Klug of Sotheby's International Realty tells Robb Report that his client "wants to sell the house because it's just too much for him." He continues, "The home was family built and would be perfect for someone with a family of their own who could use all of the bedrooms and extra space." New buyers will also appreciate that the entire lighting system, plumbing and water systems of the Villa Firenze have also been updated by Eddleman.
View of the elegant dining room and hallway of the house. - Photo credit: Adam Latham/Sotheby's International Realty
Adam Latham/Sotheby's International Realty
However, many buyers may still be wary of buying the property. Sure, it's great, but what other reasons are behind the huge price increase in just over a year?
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"Beverly Hills has become extremely popular lately," says Klug, and he's not wrong. Over the past year, the 90210 ZIP code has seen a surge in big ticket sales, from the Hearst Estate, which sold for $61 million, to the former home of Ellen Degeneres, which was picked up for $47 million. In 2021, Adele paid $58 million for Sylvester Stallone's former Beverly Park estate.
One of the bedrooms with exposed wooden beams. - Photo credit: Adam Latham/Sotheby's International Realty
Adam Latham/Sotheby's International Realty
Additionally, Villa Firenze has more acreage than most of these homes, which was a key factor in Eddleman's decision-making process. "We started at $70 million and then compared offers from nearby apartments," says Klug. “One of roughly the same square footage was only 2.2 acres and cost at least $50 million. It's also costing about $10 million per acre for the flat land that is part of the [Villa Firenze] lot.” That being said, nearly $100 million of the price is for the 9.85-acre property alone.
If you have a little extra money for the mega mansion or would like to know more, contact Richard Klug of Sotheby's International Realty, who is holding the listing. Check out more pictures of the property below:
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