LA mansion asking $125M stands to break neighborhood record

What does it take to break a regional home-sale record in Los Angeles? A cool $125 million.

The Wall Street Journal reports that Scott Mitchell, who has designed homes for the ultra-wealthy, has listed a 22,000-square-foot spec mansion in the Hollywood Hills for that mighty asking price. If it sells for that sum, it could set a record for the neighborhood.

Mitchell may not be a household name, but his clientele certainly is. He has designed residences for the likes of Tom Brady and the billionaire Marc Andreessen, the latter of whom purchased a Mitchell-designed Malibu spread in 2021 for $177 million. Mitchell helms the firm Scott Mitchell Studio.

Also impressive, this roughly 22,000-square-foot offering — offering views of the city skyline and the Pacific Ocean — took Mitchell about a decade to design and construct.

It’s now finished, and the seven-bedroom is quite the stunner. There’s a subterranean motorcourt with room for at least 12 cars. Elsewhere, there’s a screening room, a billiards room, two bars and a gym. This being California, there are also some 12,000 square feet of outdoor decking. Also outside are other perks, such as an infinity pool, a pool bar, and plenty of space for lounging and dining.

Construction costs for the three-level lair tallied roughly $80 million, according to the Journal — $30 million alone went towards poured-in-place board-formed concrete. The walls are a mighty 3 feet thick; more than 100 caissons reach 100 feet into the ground.

Overall, Mitchell told the outlet, he aimed to make the mansion’s rooms feel intimate despite its massive size.

“We wanted to do something that created a sense of safety, like a safe harbor from the world,” he told the Journal. “The psychology of shelter is really critical. You want every room to feel like it’s giving you a hug.”

Among Mitchell’s partners on the mansion are Los Angeles luxury brokers Rayni and Branden Williams of the Beverly Hills Estates. They brought Mitchell in to lead it after purchasing the vacant lot for $8 million in 2015 from the actor Jeremy Renner, who once had his own plans for developing it.

Still, the Williamses said it has been a challenging time for the Los Angeles market — not only due to the 2023-enacted ULA mansion tax, but also due to issues getting home insurance following this year’s wildfires.

However, Branden told the Journal is seeing renewed confidence from buyers. He and Rayni recently made a $50 million sale for a Malibu spec mansion that they also developed with partners.

“Mark my words,” he told the outlet. “In six months to a year, all of the inventory will be gone.”