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A roster of elite Los Angeles-based agents helped the seller of a 41,000-square-foot spec home come back down to Earth so that his property has a chance at moving in this recalibrated market.
The CEO of developer Westside Property Group, Ty Cueva, once asked an eye-popping $100 million for the eight-bedroom 21-bathroom estate in Bel Air, but has now rebranded the property from “UNICA” to “Somma Estate” and dropped the list price to a cool $59 million, Mansion Global reported this week.
“Realistically in this market, this is what it’s worth, it’s priced to sell,” Shawn Elliott of Nest Seekers, one of the agents who listed the property last week, told Mansion Global. David Parnes of the Bond Collective at The Agency and Branden Williams of Williams & Williams Estates Group are also representing the listing alongside Elliott.
The $41 million price cut puts the property at “slightly below market value,” Elliott said, which will hopefully drive traffic and multiple bids to the estate, with the potential to push the final sale price up above that mark.
The colossal estate was built in 2017 and billed as the “billionaire entertainer’s paradise,” but since then has not had luck in attracting a buyer of that caliber. 10697 Somma Way was first listed for $75 million in 2017, then that price was bumped up to $100 million in 2018 as the market climbed before the price was then dropped back down to $78 million in 2020.
The Spanish Revival-style home features most of the typical bells and whistles that a luxury buyer might demand, including six bars, an indoor basketball court that can be converted into a dance floor, a home theater, a recording studio, a wellness center, an indoor pool, a steam room, a salon, a fitness studio, a wine cellar and tasting room, and a 20-car auto gallery.
To help cover property expenses while searching for a buyer, the owner has sometimes rented the house out for as much as $500,000 per month.
Outside, the 1.3-acre estate features multi-level terraces, an infinity pool and spa and an outdoor kitchen. The home itself also includes a maid’s quarters and a security room.
Following recent upgrades to the landscaping and design, “I think the ‘wow factor’ is there,” Elliott told Mansion Global.