‘Casa Encantada’ — the most expensive residence in California — has its price slashed to $165M

Casa Encantada, touted arsenic nan astir costly residence successful Los Angeles and successful California overall, conscionable received a important value trim — dropping from an eye-watering $195 cardinal to $165 million, according to a merchandise from nan listing brokerage.

But don’t telephone it a bargain conscionable yet — this ultra-exclusive property is still looking for its cleanable buyer.

For that price, a caller proprietor stands to get a spot perched connected 8.4 acres overlooking nan Bel-Air Country Club.

Built successful 1937 by James E. Dolena and meticulously restored by designer Peter Marino, nan 40,000-square-foot spot boasts nary less than 60 rooms.

Its elegant fittings see a walnut-paneled room to an Art Deco-inspired surviving abstraction complete pinch a lucite bar.

A 60-foot tiled pool, manicured roseate gardens, a tennis tribunal pinch a viewing pavilion, and sprawling lawns adorn nan extracurricular areas.

Its storied history adds to its mystique.

Once location to hotelier Conrad Hilton, who dubbed it “The House Where Dreams Come True,” nan property was purchased by billionaire David Murdock successful 1980 and later sold to businessman Gary Winnick for a grounds $94 cardinal successful 2000.

Winnick spared nary disbursal successful nan restoration, moreover hiring 8 Parisian artisans to hand-lacquer nan eating room walls complete nan people of months.

In today’s market, wherever $100 cardinal value tags nary longer bid eager lines of buyers, experts stay cautiously optimistic.

“Casa Encantada is 1 of nan finest residences successful nan United States,” Compass supplier Josh Flagg said successful a statement.

“If this was 2017, nan location would beryllium sold by now, but fixed nan authorities of nan market, location aren’t buyers lining up astir nan artifact for immoderate location complete $100M.”

With that said, location are group retired location that tin spend a location for illustration this, and “it conscionable takes that 1 person,” Flagg added.