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This over-the-top Beverly Hills mansion struggled to find a buyer for years. It finally sold last year but is back on the market for $120 million, more than twice its sale price — take a look inside.https://www.businessinsider.in/thelife/news/this-over-the-top-beverly-hills-mansion-struggled-to-find-a-buyer-for-years-it-finally-sold-last-year-but-is-back-on-the-market-for-120-million-more-than-twice-its-sale-price-ampmdash-take-a-look-inside-/slidelist/91667361.cms2022-05-19T18:33:26+05:30

This over-the-top Beverly Hills mansion struggled to find a buyer for years. It finally sold last year but is back on the market for $120 million, more than twice its sale price — take a look inside.

Sarah JacksonMay 19, 2022, 18:33 IST

An uber-extravagant megamansion has hit the market...

...for the cool price of $120 million. (Pocket change, I know.)

It's called Villa Firenze.

It's not, however, in Florence.

It's in Beverly Hills.

Villa Firenze covers 9.85 acres across three lots.

There's 31,624 square feet of interior living space.

The property has 12 bedrooms...

...including separate maid's quarters, according to its previous Zillow listing.

There are 14 full bathrooms...

...and four partial bathrooms.

Villa Firenze is located in "the most exclusive guard-gated community in Los Angeles," according to the Zillow listing.

It's accessed via its own private street.

Its many rooms include a wine cellar, a den, and a massive center hall.

There's a library with a secret passage to the master suite.

It has a large formal dining room in addition to family dining off of the kitchen.

Speaking of kitchens, there are several of those, including this one...

...and this one.

There's also a two-story guest house, as well as a spa and even a gift-wrapping room.

Many rooms have exposed wood beams, like this one. Others have features like 20-foot ceilings and stone floors.

For recreation, there's a gym, an outdoor tennis court, and a jogging path encircling the property.

Also outside, there's a large motor court and a courtyard with room to park 30 cars.

The home's backyard spans more than four acres.

There's a pool and jacuzzi...

...as well as a two-bedroom pool house nearby.

There's a storied history to the home's ownership over the years.

For starters, this is the second time the mansion has been up for sale in just over a year.

Villa Firenze was built in 1998.

Airplane leasing tycoon Steven Udvar-Hazy owned the property at the time.

In 2018, he put the home on the market with an asking price of a whopping $165 million.

When no one bit, Udvar-Hazy put Villa Firenze up for auction in January 2021.

Biotech entrepreneur Roy Eddleman scooped up the property at a heavily discounted price.

Villa Firenze sold for $51 million at the time.

That's a discount of nearly 70% off of Udvar-Hazy's original $165 million asking price.

After transfer taxes, fees, and commissions, Eddleman's final bill came out to $57 million, listing agent Richard Klug told Insider.

At the time, the sale set the record for the most expensive property to ever be sold at auction.

So why is Villa Firenze's $120 million listing price so much higher just a year later?

"At the time of the purchase, I thought it was worth considerably more, but only three buyers showed up at the auction and shortly dropped out," Klug said.

He says another factor behind the drastic price increase is the high cost of other homes in the area.

"This year, Beverly Park has become very popular with some very high sales, which have driven the values up," Klug said.

The $120 million price tag was determined based on a home sale in the area, he says.

"49 Beverly Park sold for $70 million in March of this year with almost the identical size of home and guest houses but with only 2.2 acres of land on one Beverly Park parcel," Klug said. "Villa Firenze is 9.8 acres on three Beverly Park Parcels and is worth much more due to the acreage. We took the $70 million comparable sale and added for the extra land to compute the asking price."

As for the home's quick return to the market, Klug says Eddleman initially "bought it for investment and planned to live there for several years."

However, "he has found that the property is just too big for him and has his eye on a smaller property," Klug said.

So who's biting now?

Klug says most of the inquiries he's gotten about Villa Firenze so far have been from local residents. Given the size of the property, most of the people expressing interest are also those who could really use a lot of space.

"This property can easily accommodate a large family and plenty of guests in the guest house and pool house," he said. "Most of our inquiries so far have been from this type of buyer."

For all the home's amenities, Klug thinks the size of the lawn and pool are "probably the most eye-catching features."

"This is a rare opportunity to buy one of the largest estates in the Los Angeles area," Klug said.

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This over-the-top Beverly Hills mansion struggled to find a buyer for years. It finally sold last year but is back on the market for $120 million, more than twice its sale price &mdash; take a look inside.