A lesson in ambition is currently unfolding in Beverly Park, where an Italian-inspired showplace known as Villa Firenze just returned to market at $79.5 million — a whopping $40.5 million less than the previous asking price of $120 million.
Over the last few years, no home’s purported value has fluctuated more wildly than that of Villa Firenze. The prized property first made headlines in 2017 when it surfaced for sale at $165 million — one of the highest prices in Southern California at the time.
Clearly overpriced, the 31,000-square-foot mega-mansion lingered on the market for years before it was finally auctioned off for $51 million in 2021. The massive sale made it the priciest home ever to be sold at auction at the time, but it still fell more than $100 million shy of the original price tag.
The buyer was biotech entrepreneur Roy Eddleman, whose plans for the property were revealed a year later when he put the place back on the market for $120 million. He was trying to test the market, according to the listing agency.
Eddleman found no takers, and in June, he passed away. Now, his estate is chopping the price down to match comparable sales in the area. For reference, Sylvester Stallone sold his Beverly Park mansion to Adele for $58 million in February, and Mark Wahlberg is currently asking $87.5 million for his home on the same street.
Whatever the price may be, the villa is impressive. It spans 10 acres across three lots and comes with a main house, guesthouse, pool house, swimming pool, tennis court and basketball court.
It was built in 1998 for Steven Udvar-Hazy, a Hungarian billionaire who made a fortune in the airplane leasing industry. Featuring 40-foot palms and a 30-car motor court, the villa has massive public rooms with stone floors, antique fireplaces and 20-foot ceilings.
Dramatic arches lead from room to room, accessing spaces such as a formal dining room, screening room, gym and gift-wrapping room. Perhaps the most impressive area is the two-story library, which has a secret passageway that leads to the primary suite and den with a bar.
A jogging trail snakes around the gated grounds, passing by gardens, lawns and several parking lots.
Richard Klug of Sotheby’s International Realty holds the listing.