An inside look at 6 of the extreme methods Los Angeles real-estate brokers are using to get the city's glut of mega-mansions off the market

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An inside look at 6 of the extreme methods Los Angeles real-estate brokers are using to get the city's glut of mega-mansions off the market

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Los Angeles has a surplus of pricey mega-mansions on the market and not enough buyers.

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Mega-mansions continue to pile up in Los Angeles.

It started back in 2014 and 2015, when a couple of high-profile, high-price-tag sales to foreign buyers prompted a flurry of construction of massive homes priced at $20 million or more, Katherine Clarke reported for The Wall Street Journal.

Today, about 50 ultra high-end spec houses are being developed in posh neighborhoods like Beverly Hills, Bel-Air, and Brentwood, and there aren't enough ultra-wealthy buyers wanting to buy them.

To get them off the market, real-estate brokers are resorting to increasingly inventive tactics to get them off the market, as Business Insider's Hillary Hoffower recently reported.

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Here are some of the ways they're trying to sell these massive mansions, from offering $100 million price cuts to throwing lavish parties.

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Massive price cuts: Los Angeles-based brokers are selling mega-mansions at $100 million price cuts.

Massive price cuts: Los Angeles-based brokers are selling mega-mansions at $100 million price cuts.

A Bel Air mansion nicknamed "Billionaire" went on the market more than two years ago for $250 million, making it the most expensive listing in the US at the time.

But it wasn't selling, so 15 months later, it got a $62 million price cut.

And earlier this year, it got yet another price chop, bringing the asking price down to $150 million — a whopping $100 million less than its original asking price.

"Today's billionaire and mega-wealthy homebuyer just isn't ready to spend $200 million on a home at this current place in time so we've relisted it with a price tag that will open the door to a significantly larger audience," developer Bruce Makowsky said in a press release.

Movie trailers for mansions: They're producing elaborate, dramatic movie trailers filmed in the mansions.

Movie trailers for mansions: They're producing elaborate, dramatic movie trailers filmed in the mansions.

Alexander Ali, founder and CEO of PR firm The Society Group, creates dramatic, Hollywood-style real estate trailers to help sell multimillion-dollar homes.

"We produced the world's most-watched real estate trailer viewed over three million times worldwide that caused shockwaves through the industry," Ali told Business Insider. "Some loved it, some hated it, Buzzfeed said it was 'the most extra thing ever.'"

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Over-the-top parties: They're throwing lavish, $100,000 parties in hopes of attracting buyers.

Over-the-top parties: They're throwing lavish, $100,000 parties in hopes of attracting buyers.

With the help of Ali, luxury real-estate agents Rayni and Branden Williams of Hilton & Hyland throw outrageous, exclusive parties in hopes of attracting potential buyers.

In February 2019, about 500 guests were invited to a mysterious bash at the $55 million mansion of developer Nile Niami, where they found aquatic performers, virtual reality experiences, an edibles bar, and a camel.

The event did attract a potential buyer, Williams told The Hollywood Reporter.

Changing the home's energy: They're using sound baths, crystals, and plants to change the energy of homes that aren't selling.

Changing the home's energy: They're using sound baths, crystals, and plants to change the energy of homes that aren't selling.

The Williamses took on a listing on Oriole Way after it sat on the market for a year. They started by changing the home's energy.

"First of all, we did an energy cleansing of the house where we took out all the bad energy," Rayni told Business Insider. "We crystallized it with geodes that brought in great energy. We pumped through beautiful music in the sound system to get it happy and make this beautiful warm setting."

She said she added live plants to bring "real life into the home."

They also shot a movie trailer for the home, and it sold 45 days after the Williamses put in the market for $27 million, just below its asking price of $27.95 million, she said.

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Influencer-friendly events: They're hosting yoga classes for influencers at multimillion-dollar mansions.

Influencer-friendly events: They're hosting yoga classes for influencers at multimillion-dollar mansions.

With wellness increasingly seen as the ultimate luxury, it's perhaps no surprise that the industry has extended to selling homes.

As The Society Group's Alexander Ali put it, "Los Angeles is all about health," and the latest trend in mansions is having a home "that makes you healthier."

This spring, at a $24 million mansion for sale on Blue Jay Way, Rayni and Branden Williams of Hilton & Hyland hosted a "Mansion Manifestation" event, where they invited influencers in for a yoga class at the home with a celebrity instructor, presumably with the hopes that they'd post about the home on Instagram.

Considering their options: They're even putting mega-mansions up for rent — for up to $1.5 million per month.

Considering their options: They're even putting mega-mansions up for rent — for up to $1.5 million per month.

A 34,000-square-foot Bel Air home, which was built in 2018 by Los Angeles-based plastic surgeon Raj Kanodia, was previously listed for sale for $180 million.

But after struggling to find a buyer, Kanodia put it up for rent for $1.5 million per month — the most expensive lease in the US, according to Compass.

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