A California hedge funder is scrambling to sell his sprawling LA mansion before a looming April 1 deadline costs him millions.
Jeffrey Feinberg, the millionaire head of Feinberg Investments and former managing director of George Soros’ hedge fund, is facing down a new mansion tax set to be imposed on Los Angeles’ lavish real estate market.
The financier is prepared to accept a $6million cut on his extravagant seven-bed, eleven-bathroom property, far less than the $44million he paid just two years ago simply to avoid losing a further $2million when the new tax hits, reports CNBC.
Decked out with the most opulent amenities money can buy, including a Kobe Bryant themed basketball court and a 70-foot infinity pool with panoramic views of the California coast, the property is one of the most luxurious in the nation.
And Feinberg is not the only one feeling the sting, with many of the opulent region’s most expensive mansions on the market looking set to cost their current owners a fortune.
The home of financier Jeffrey Feinberg is attempting to quickly sell his sprawling LA estate, pictured, to avoid a looming mansion tax
Feinberg, pictured, is the head of Feinberg Investments and former managing director of George Soros’ hedge fund. He is reportedly prepared to sell the home at a $6million loss
The lavish home is complete with seven bedrooms and eleven bathrooms
A 70-foot infinity pool offers a panoramic view of the California coast
Feinberg is facing the huge loss thanks to a new LA property tax, which will see the city take a 4 percent cut of all home sales between $5 million and $10 million.
And for properties that sell for more than $10 million, officials will be taking a huge 5.5 percent slice when the homeowner cashes in.
Coming into effect on April 1, the local law is forcing Feinberg’s hand, following a year-long struggle to offload his lavish estate.
After purchasing the home for $44 million in 2021, Feinberg put the home back on the market for $48 million after just a year, but failed to find any takers.
He later brought in an aggressive pricing strategist, who slashed $10million off the asking price – which would cost Feinberg the equivalent of $64,000 for each of the 94 weeks he had lived in the home.
And it is easy to see why the home was reportedly running the financier millions in expenses every year, not least due to the full staff needed to maintain it.
Numerous private decks are spaced out across the sun-soaked behemoth, which has a unique open-plan rooftop design that sets it out amongst its opulent neighbors.
The mazing inside is set with clean, classy finishes and expansive rooms, including a games room, home-cinema, golf simulator, and seven ritzy bedrooms comparable with the most expensive hotels in the world.
On the lower level, glass walls offer a glimpse inside a sleek car gallery – sure to be filled with supercars befitting of anyone who can afford the massive mansion.
The lower deck features a glass walled gallery to house an array of supercars
A Kobe Bryant inspired basketball court is situated on the sun-soaked estate
The lavish property also comes with a private cinematic screening room
Los Angelinos voted to approve the new mansion tax in November, which was expected to raise between $600 million and $1.1 billion every year.
The money is set to be funneled towards affordable housing and tenant assistance programs in the area, drawing money from every housing sale in excess of $5 million.
Unless it miraculously finds a buyer in a week, one of the worst hit properties up for sale is a sprawling, 12-bedroom mansion in Bel Air, which is currently on the market for a huge $139million, according to Zillow.
Offering panoramic views of Los Angeles, the mansion, dubbed ‘Le Fin’, can rival almost any home in the nation for aesthetic design.
A spiral staircase twists around a huge chandelier made of 55,000 crystals, while every piece of furniture was custom made for the property by luxury Italian brand La Contessina.
The new mansion tax would take over $7.6 million from its sale, however, if it were sold at its current market value.
Dubbed ‘Le Fin’, pictured, a sprawling 12-bedroom property is currently on the market for $139million
The lavish estate’s owners would lose $7.6million if they sell the home after April 1
The home comes featuring a supercar filled living room and plush amenities
A spiral staircase twists around a huge chandelier made of 55,000 crystals inside the property
The city would take even more from the sale of another lavish residence in the area – with a home dubbed ‘The Manor’ in the exclusive community of Holmby Hills coming in at $155million.
While the city would take an outlandish $8.5million from its sale, the new owners would certainly feel it was worth their while as they enjoyed its numerous features.
Situated on a majestic four-acre plot, The Manor offers a private escape from the hustle and bustle of LA life – despite bordering the prestigious Los Angeles Country Club.
Offering an over-the-top 27 bathrooms spread across its 56,500 square foot, the home also comes with a bowling alley, beauty salon, rose garden and professional screening room.
Named ‘The Manor’, pictured, this expansive estate is one of the most opulent in the nation
The city of Los Angeles would take an outlandish $8.5million from its sale
The home comes with numerous amenities, including a bowling alley, beauty salon, rose garden and professional screening room
For those not looking to cross the $100million threshold, a classy $49million property is also in the new mansion tax’s crosshairs.
Located in the highly sought-after community of Bel Air, the stylish home boasts six-bedrooms, eleven-bathrooms, and unobstructed views of the Pacific Ocean.
A sun-soaked deck if filled with lush landscaping and an infinity pool, a stones throw away from an indoor private spa.
Also featuring a private wine cellar, gourmet kitchen and home theater, the home’s amenities are spread over a 5,000 square foot plot.
But under LA’s latest tax, the owners would lose out on a little over $2.7million if they part ways after April 1.
Up for grabs for $49million, this home is situated within the highly sought-after community of Bel Air,
Its sale would offer LA a $2.7million payday thanks to its new mansion tax
Aside from its stunning views, the stylish home featuring a private wine cellar, gourmet kitchen and home theater
The home’s sleek design lands it a place among LA’s most stylish mansions
Among the classiest estates set to fall under the new wealth tax is up for grabs for $64million, an enviable property situated within the premier Palisades Riviera.
While not the largest on the list, with just over 1.1-acres of land, the 13,000 square foot home also comes with a 3,000 square foot guest house with two bedrooms.
Boasting eight bedrooms and 14 bathrooms, the lavish home also features two studies, a gym, media and games rooms, and a Japanese spa soaking tub.
Outside, a long private driveway ends with the picturesque grounds, which has a large pool and hot tub within the manicured back yard.
But unless its owners are able to sell within a week, they are set to lose out on $3.5million.
This $64million home is one of the classiest on LA’s high-priced housing market
Boasting eight bedrooms and 14 bathrooms, the home maintains an aesthetic style not always found in West Coast mega mansions
Panoramic views of the LA skyline can be seen from inside the master bedroom
The classy home is complete with traditional finishes, including stacked bookcases bordering its dining room
Source: | This article originally belongs to Dailymail.co.uk