Historic California Home Is Also America’s Most Expensive on the Block in Bel Air for $225 Million

                                   

This 40,000-SF, 60-room Bel Air, CA Mansion is listed for $225 Million, believed to be the most expensive property of its kind currently in the United States, according to TopTenRealEstateDeals.com

                                Photo credit: Simon Berlyn

Source: www.hiltonhyland.com

BEL AIR, LOS ANGELES, CA -- The most expensive home currently for sale in the United States was built in 1936 in a then-new Los Angeles suburb developed by a local tennis-player-turned-developer, Alphonzo Bell, intended for his rich clients and friends. 

Alphonzo Bell Sr.

In 1923, Bell had paid $6 million for the 22,000 acres that became Bel Air. He thought that Bel Air’s hills and views would be a selling point for the expensive lots that would sell for up to $30,000. Bell envisioned something similar to Beverly Hills for his new neighborhood, but without the Hollywood celebrities, and named it as an anagram for his own name.

Hilda Boldt Weber
(Photo by Michael Gross)

The home was originally constructed for Hilda Boldt Weber, an heiress to the Charles Boldt Glass Company. By the time it was built, Hilda was already a widow and thought owning the massive mansion would be her entre into Los Angeles’ high society. 
To her surprise and disappointment, instead she was shunned. Though not the first to try and buy their way into society, she lacked the sense and financial management skills to retain her wealth and instead managed to gamble it away until she could no longer maintain the mansion. 

Conrad Hilton Sr.

In 1950, hotelier Conrad Hilton bought the home from Weber for $235,000. Since then, the estate has undergone extensive changes, additions and improvements by the Hiltons and its current owner, investor and philanthropist Gary Winnick, who purchased it in 2000 for $94 million. 

Nineteen years later and with a total redo by designer Peter Marino, it is once again on the market priced at $225 million, or one one-thousandth of the price Hilton paid in 1950.

Sited on a promontory of 8.4 acres insulated from neighbors and with stunning views, the 40,000-square-foot, 60-room mansion was created by James Dolena and the interiors and furniture were done by T. H. Robsjohn-Gibbings - two of the 1930’s-era top designers to the stars.

Gary Winnick

 In recent years, Marino and his team of 250 craftsmen have been restoring the mansion to what has been called a museum-quality restoration. 

The gated grounds include a long drive through lush landscaping and entry into a grand hall with 18-foot ceilings that opens into a large reception room branching off into formal living and dining areas, a grand ballroom and piano room.

Peter Marino

The second floor has private and guest living accommodations and no shortage of rooms devoted to entertaining or for housing guests. 

The grounds contain a pool house with professional screening room and formal bar, lighted tennis courts, separate basketball court, a full guest house along with multiple greenhouses, and koi ponds.

Shawn Elliott

Located next to the Bel-Air Country Club, which was also built by Alphonzo Bell, it is currently the most expensive home in the United States at $225 million. 

The home is listed by Jeff Hyland and Rick Hilton (grandson of Conrad Hilton) of Hilton & Hyland, Beverly Hills and Shawn Elliott of Elite Real Estate Marketing.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

KBS announces the transition of certain funds to focus solely on core assets

Charles J. (Chuck) Schreiber Jr.

NEWPORT BEACH, CA  – KBS, one of the largest owners of prime commercial real estate in the nation, has announced the transfer of the management of “Strategic Opportunity REIT I, Strategic Opportunity REIT II and Keppel Pacific Oak US REIT,” three real estate investment trusts (REITs) comprising 40 investments to Pacific Oak Capital Advisors LLC.

The decision allows KBS to focus on its core asset portfolios, while Pacific Oak focuses primarily on the opportunistic portfolios, according to KBS CEO Chuck J. Schreiber, Jr.

“When we launched the first opportunistic REIT in 2009, there was a clear and distinct opportunity to capitalize on the dislocation, lack of liquidity, and government intervention that existed in the commercial real estate markets at the time,” says Schreiber. 

“The Strategic Opportunity REIT continues to execute on its business plan focusing on opportunistic investments and adding value for its shareholders.”

KBS invests and manages commercial real estate assets on behalf of large institutions, such as public and private pension plans, sovereign wealth funds and public non-traded investment trusts. KBS also serves as the US asset manager for Singapore-based Prime US REIT.

“KBS’ strategy focuses on investments in urban markets that are attracting tech and creative users and have a wide range of amenities that help companies attract today’s top-tier talent. These include markets with good public transportation as well as entertainment, housing and dining amenities,” says Schreiber.

KBS is working closely with Pacific Oak Capital Advisors LLC to ensure a smooth transition of advisory services for Strategic Opportunity REIT I, Strategic Opportunity REIT II and the Keppel Pacific Oak US REIT effective October 31, 2019.  

The asset management team that manages the opportunistic portfolios will transition to Pacific Oak Capital Advisors LLC and continue to manage the same portfolios. 

KBS Media Contacts:

Jenn Quader or Lexi Astfalk

Brower Group

949-438-6262

jquader@brower-group.com

Ginny Walker

KBS Public Relations Manager

949-417-6535

gwalker@kbs.com

 www.kbs.com.

JLL brokers Phoenix market entry for Power Home Remodeling

Keith Lammersen

TEMPE, AZ – On behalf of Philadelphia-based Power Home Remodeling (Power) the Phoenix office of JLL has completed a full building acquisition that marks Power’s official entry into the Phoenix market.

 The location will generate approximately 200 new local jobs from the leading remodeling company, recognized as one of Fortune’s 100 Best Companies to Work For in 2019.

JLL Executive Vice President Keith Lammersen and Managing Director Brad Crosley represented Power Home Remodeling in the building acquisition. Bob Kling of Lee & Associates represented the building seller, Rankin LLC.

“Arizona is the perfect location for Power to continue to grow and expand into the western parts of the United States,” said Power Home Remodeling Co-Founder Adam Kaliner. 

“Where we go next is ultimately up to our employees, as they drive our expansion strategy. They are thrilled to be able to relocate to this new city, build relationships with the community and introduce Power to homeowners.”

Brad Crosley

The new Power location totals 35,665 square feet at 8240 S. Hardy Dr. in Tempe, Arizona, near Elliot and Priest roads and within the Warner Crossing business complex. 

The company is expected to move into its new space in the first quarter of 2020, establishing its 17^th U.S. sales and support territory.

“Power Home Remodeling is making a notable, long-term investment in Arizona,” said Lammersen. 

“They’ve picked a location with the configuration, parking and employment demographics to support their growth plans and to continue to thrive in our market. It was a pleasure to assist them with that process.”

Bob Kling 

The new Power building is less than two miles from Interstate 10 and minutes from the Loop 101, Loop 202, US 60 Superstition Freeway and Sky Harbor International Airport. 

It is also surrounded by major retail and restaurant amenities, globally recognized corporate neighbors and abundant residential and multifamily housing.

For information on open positions at the Power Home Remodeling Phoenix location, visit workatpower.com.

About Power Home Remodeling:

Power Home Remodeling is a dream realization company — believing its purpose is to create positive change in everything the company touches — from customers’ homes to employees’ lives to the communities they live and work in. 

Power realizes this purpose by being people-first. Its employees and customers come before profit and their well-being factors into every business decision. 

Adam Kaliner

Established in 1992, Power is the nation’s largest, full-service, exterior home remodeler with more than 2,700 employees, 500,000 customers and $700 million in annual revenue. 

Headquartered in the Philadelphia region, Power’s primary product line includes windows, siding, roofing, doors, solar roofing panels, and attic insulation, providing energy-saving solutions to residents across its operating territories.

Those territories include Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Illinois, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington D.C. and Wisconsin.

Contact: 

Stacey Hershauer

Phone: +1 480 600 0195

Email: stacey@focusaz.com

Iwww.jll.com