Ritz Carlton's Mohamed Hadid has just slashed the price tag on his Bel Air home, leaving you in a great spot to purchase this luxury home.
Originally priced at $85 million, Hadid has lowered the listing to a more affordable $72 million.
The home has 10 bedrooms and 14 bathrooms in 48,000 square feet, all sitting on 2.2 prime Bel-Air acres. The home has an all-steel construction with an imported Jerusalem stone exterior.
The main level includes a reception hall, formal living and dining rooms, an informal dining room, a family room with a bar lounge, a music room, a library, the main kitchen, a butler's pantry and a staff bedroom and office.
The lower level is where the larger parties take place. There's a 5,000-bottle wine cellar and tasting room, a grand ballroom that seats up to 250, a commercial kitchen, a screening room, a gym, a Moroccan room, a Turkish hammam and a game room.
The main master bedroom suite including a sitting room, powder room, his and hers bathrooms and dressing rooms.
There are staff quarters over the garage and an open motor court for 20 vehicles, plus garage facilities to accommodate two limousine-length vehicles.
The park-like grounds include a swan pond, fountains, rose gardens, a 70-foot infinity pool, a 12-person spa, an alfresco dining area, an outdoor kitchen with pizza oven, fireplaces and courtyard dining for 100 guests. There are 19 fireplaces in all, an elevator and commercial-grade utility and entertainment systems throughout the house.
Hadid designed, built and decorated the main residence himself. He developed Ritz-Carlton Hotels in NY , Houston, Washington, D.C., and Aspen, Colo., and has built commercial and residential developments and high-end custom homes in Beverly Hills, Aspen and Mexico throughout his 30-year career.
Like many other fancy mansions, this one has its own name, Le Belvedere.
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A private, 26-acre sanctuary in the Florida Keys with a tennis court that doubles as a helipad can be yours for $110 million.
Pumpkin Key is a part of an exclusive community called the Ocean Reef Club and is located about an hour from Miami.
The island comes with rows and rows of palm trees and bougainvillea, golf cart paths and a dozen lots that could be developed as homes for families.
The property includes a 20-slip marina suitable for a megayacht and a beach area. In the middle of the key are tennis courts that serve as a helipad.
The main home, meanwhile, faces west so that families can catch nightly sunsets and comes with a swimming pool, two cottages, a boat captain’s apartment and a private office.
The seller is also throwing in a single-family residence on shore within the Ocean Reef community. Nestled among 2,500 secluded, tropical acres on the northernmost tip of Key Largo in the Florida Keys, Ocean Reef is located within an hour from Miami International Airport.
Harvard Study on homeownership- 5 reasons to buy
Eric Belsky is Managing Director of the Joint Center of Housing at Harvard University where he did a recent study on homeownership. Here are the five reasons Belsky says to buy a home, each followed by an excerpt from the study:
1.) Housing is typically the one leveraged investment available.
"Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more."
2.) You're paying for housing whether you own or rent.
"Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord."
3.) Owning is usually a form of "forced savings."
"Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people's tendency to defer savings to another day."
4.) There are substantial tax benefits to owning.
"Homeowners are able to deduct mortgage interest and property taxes from income...On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain."
5.) Owning is a hedge against inflation.
"Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition."