The end of 'bigger is better'? America's most expensive house sits unsold in sign of the times
For years architects, particularly in Los Angeles, have sought to outdo each other with ever more palatial residences featuring breathtaking infinity pools, in-home cinemas and flashy helipads.
But questions are now being asked over whether the US has finally reached peak mega mansion.
The biggest property so far is referred to by luxury estate agents as the "giga-mansion". Officially called "The One" it is America's largest and most expensive house and sits on a hill in Bel-Air, with 360 degree views of Los Angeles.
Construction began eight years ago, when the sky seemed the limit for futuristic Bond villain-style lairs, and it was only very recently completed.
Sprawling across 105,000 sq ft it features 21 bedrooms, 42 bathrooms, five swimming pools, a moat, a 50-seat cinema, and its own nightclub.
The developer had initially hoped it would sell for a staggering $500 million.
There have reportedly been offers but nowhere near that number. Reports have suggested it will ultimately be listed at around $350 million.
Last month a lender filed a default notice against the developer over an $82 million loan.
The apparent peaking of the mega-mansion phenomenon has a number of causes.
It may just be that prices finally got too high, even for the super-rich.
America's mega-mansion market has imploded during the pandemic, with prices slashed.
In Beverly Hills 90210 a mammoth modernist property called "Opus" recently went for half the $100 million asking price.
That was despite the lure of a 170-bottle Cristal champagne vault, and a gold Lamborghini in the garage.
The celebrity haven of Bel-Air saw a house appropriately called "Billionaire" sell for $94 million, having had an asking price of $250 million.
In addition to 38,000 sq ft, 12 bedrooms and 21 bathrooms, it had a Louis Vuitton bowling alley, and the helicopter from Airwolf, the 1980s TV show, sitting on the roof.
Meanwhile the Hearst estate, which featured in the The Godfather and The Bodyguard, has just come on the market again at $89.5 million, having previously been priced at $185 million with no takers.
The property, where newspaper magnate William Randolph Hearst lived, was also where John F. Kennedy and Jacqueline Kennedy spent their honeymoon.
"It's priced to sell," said the estate agent Anthony Marguleas.
For celebrities and CEOs there are good deals to be had.
Travis Kalanick, the co-founder and former chief executive of Uber, recently purchased a mega-mansion called "Bellagio" for $43 million, way under the $75 million asking price.
With it came a 7,000-bottle wine cellar finished in 18th-century limestone.
A co-founder of Tinder, the dating application, picked up for half price - $18 million - the mansion of Lori Loughlin, the actress jailed over a college admissions scandal.
Meanwhile, Donald Trump's gilded Le Chateau des Palmiers on the island of St. Martin, has seen its asking price drop by $11 million to $16.9 million.
Even Beyoncé and Jay-Z took out a $52.8 million mortgage - at an interest rate of 3.4 per cent from Goldman Sachs - when they bought their $88 million home.
Perhaps the residences have just got too big. After all, who really needs their own 50-seat cinema?
However, it seems the pandemic really put the brakes on, as celebrities and corporate titans recognised that being overly ostentatious did not sit well in a time of global crisis.
For the richest of the rich though, the upsizing continues.
Jeff Bezos, the Amazon founder, last year bought a Los Angeles home for $165, a record for the city, in a private sale from David Geffen, the music mogul.
The secluded Warner estate, which was home to the late president of Warner Bros, has been described as one of the most glamorous and beautiful properties in the world.
