This $38 million LA palace — and many others — are in a rush to be sold this week to avoid millions in the new California 'Mansion Tax'
Yann Ippolito/Ikon Advisors
An overhead view of the Star Resort shows the rooftop lounge area, as well as the 70-foot infinity pool and a Kobe Bryant-themed half basketball court.The seven-bedroom mansion with nearly 17,000 square feet of indoor space and over 50,000 square feet of outdoor space is on sale for $38 million, which would lead to over $2 million in new taxes if it is sold after this week. The tax'sit is applied on top of LA's existing property transfer tax of 0.45%.
Dan Malka, of Ikon Advisors, told CNBC that the discounted price means his company represents a seller that is motivated to get a deal done as soon as possible, and said the price will go up to at least $41 million once the new tax is in effect, with no intention of accepting offers below that price.The Star Resort features a Kobe Bryant-themed half basketball court.
The Star Resort includes a car showroom, a 70-foot infinity pool, a home theater, a practice putting green, and an indoor sports simulator for golf, soccer, and hockey. Thefor the massive mansion has an endless list of features and amenities, including several fireplaces, lounge areas, a gym, cactus garden, and a 250-bottle wine cellar spread across four stories of indoor and outdoor space.
An indoor lounge area with 22-foot walls, automatic glass doors that open to the patio, and a 10-foot long fireplace.Sign up for notifications from Insider! Stay up to date with what you want to know.
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