As a seasoned real estate enthusiast with over three decades of experience in the industry, I must admit that Casa Encantada has always intrigued me. Having witnessed the rise and fall of countless properties throughout my career, I’ve learned to appreciate the unique allure that each one possesses.
Louis B. Mayer, MGM’s former boss, expressed disbelief that such a magnificent residence as Casa Encantada, often considered the most luxurious in the U.S., could exist, if he hadn’t ventured within himself. Now available for a staggering $195 million, this legendary estate dominates 8.4 acres overlooking the Bel-Air Country Club. Described by its Russian architect James Dolena as a “modern Georgian with Grecian undertones,” the main house boasts 7 bedrooms and 20 bathrooms. Known as the home of hotelier Conrad Hilton, it has been nicknamed ‘The House Where Dreams Come True.’
Since 2019, Casa Encantada has been consistently taken off and re-listed for sale, with its initial $250 million price being reduced to $195 million. Now, a team of top-tier real estate agents – Kurt Rappaport from Westside Estate Agency, Drew Fenton of Carolwood Estates, and Josh Flagg of Compass – are hoping to secure a substantial commission by successfully selling this grand estate, despite the current softness in the luxury property market.
Flagg notes that Casa Encantada is a well-known landmark in Los Angeles, distinguished by its architectural uniqueness designed by James Dolena in 1937 and its Georgian-style grandeur. This mansion has played host to prestigious events and has been owned by influential personalities such as Conrad Hilton, contributing to its cultural and social impact. Its large scale, luxurious interior, prime location in Bel-Air, and historical significance make it one of the most coveted and costly estates in the city.
For Flagg, Casa Encantada — or enchanted house — couldn’t be more aptly named. “It’s always a pleasure to show Casa Encantada because you see something new every time that you never noticed before,” Flagg says. “My favorite feature of the home is the motorcourt. When you pull through the gates of the estate you travel down a long winding driveway to a motorcourt with an exquisite fountain highlighted by magnificent bronze sculptures.”
In the realm of gaming, I once stumbled upon a property at 10644 Bellagio Road that’s got quite a tale to tell. This abode has made history by being the costliest house sold not once, but twice within the U.S. boundaries. Back in the 30s, a woman named Hilda Boldt Weber, a former nurse turned wealthy widow of a glass bottle magnate, decided to splurge on this piece of real estate. The society back then was abuzz with whispers as she had tied the knot with her butler, causing quite the scandal.
In terms of cost, nothing was held back; Weber demanded a direct tunnel to be constructed leading to the golf course at the Bel-Air Country Club. She even furnished the rooms of the staff with luxurious fittings – including marble floors. A new employee, according to Michael Gross in Unreal Estate: Money, Ambition, and the Lust for Land in Los Angeles, spent his first night on the job concerned that he might have been mistakenly placed in a guest room instead.
Weber’s extravagant lifestyle led her to financial ruin, as she had to spend so much on maintenance that she listed it for $1.5 million in 1948. Despite this, no buyers emerged, and with a pressing need for cash, low social standing in Bel-Air, and being shunned by the elite, she sold it to hotelier Conrad Hilton for just $225,000 in 1950 (equivalent to $3 million today). Despondent and broke, Weber took her own life shortly following the sale.
From the moment he laid eyes on it, Hilton referred to the house as his “Enchanted Home” – Casa Encantada. For nearly two decades, from 1950 until his passing in 1978, this castle-like residence perched on a hill was his home. In 1980, business magnate David Murdock of Dole Foods acquired the property from the Hilton family and rechristened it “Bellagio House.” A few years later in 2000, it was sold to entrepreneur and philanthropist Gary Winnick for a staggering $94 million, setting a new record.
The Winnick family invested a significant sum, approximately tens of millions, to renovate a property that was managed by renowned architect and Warhol associate Peter Marino. In 2019, they listed Casa Encantada for sale at $225 million, with Hilton & Hyland acting as their representatives. However, no potential buyers were found. After the passing of Gary Winnick in 2023, his wife, Karen, is said to have re-listed the property for $250 million, but still, no solid offers materialized.
A variety of factors might explain why Casa Encantada hasn’t been sold before. The annual taxes, maintenance, and staff required for managing such a large historic estate correspond to its exceptionally high asking price. Moreover, the market turbulence brought about by the COVID-19 pandemic and competition with modern, less demanding homes at the premium end of the housing market have made selling Casa Encantada more challenging than it was previously.
After all these years, I firmly believe that the time has come for this property to find a new owner. “The market’s been quite unpredictable lately,” I find myself saying. “If we were in 2017 or even amidst the peak of the pandemic, this house would have been sold already. Given its current price tag of $195 million, someone is in for an unparalleled bargain!
Many well-suited potential purchasers have visited the property, and Flagg notes that the interest has been outstanding. “I believe they recognize the worth and the chance to secure a legendary estate,” he adds.
It’s unclear whether these wealthy individuals are merely here to admire a significant piece of American architectural heritage or if they’re planning to pay $195 million (and potentially much more in additional costs). Time will tell. For now, Casa Encantada continues to be an object of desire and aspiration. However, dreams can often prove elusive, and sometimes, their cost may be prohibitive.
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2024-10-11 21:25