Beverly Hills Owner Seeks Leasers for 25-acre Estate

After spending a cool $50 million on a lavish Beverly Hills, California estate situated on 25 acres of land, real-estate investor, Jeff Greene is looking for interested leasers to take the property off his hands for a mere $250,000 a month.

Greene made millions betting against subprime mortgages prior to the housing market crash, however this particular estate was not sold in time, leaving Greene with a magnificent home and no buyers. The 54-year-old and his wife have been living at the home in the meantime; however, he notes it is somewhat too lavish for them to live there full time. Much of the year the couple lives in their condominium in Miami, Florida.

Greene purchased the unfinished property in 2006 out of receivership for $35 million and over the following three years he spent an additional $15 million putting the final touches on the home. The house is 43,000 square feet and features 11 bedrooms, 14 bathrooms, and a 6,000-sqaure-foot ballroom. There are also six acres of vineyards on the property which produce approximately 400 cases of wine annually.

The home was the setting of his wedding in 2007, with boxer Mike Tyson as the best man, but Greene isn’t looking to settle here. He says, “I felt this was a $100 million property—if the market hadn’t collapsed.”

Via: The Wall Street Journal