BEVERLY HILLS—Palazzo Di Amore (Palace of Love), once the most expensive property on the U.S. market at $195 million, is now listed at $145 million.
The 25-acre estate is currently owned by billionaire real estate mogul Jeff Greene after he purchased it from Saudi businessman Mishaal Adham for $35 million in 2007. Adham was close to losing the house to foreclosure at the time of the sale.
After buying Palazzo Di Amore, Greene spent eight years and millions of dollars decorating and expanding the home through developer Mohamed Hadid. The home was originally designed by architect Bob Ray Offenhauser and designer Alberto Pinto.
The 12-bedroom, 23-bathroom Mediterranean-style mega mansion ranges 35,000-square-feet and includes a chef’s kitchen, staff kitchen, butler’s pantry, two staff rooms, two offices, living room, family room, dining room, breakfast room, game room, bowling alley, 50-seat state-of-the-art theatre and two wine cellars fitted for 3,000 and 10,000 bottles of wine.
The 5,000-square-foot master suite, located on the second floor, includes a Turkish-style spa and bath, says Forbes Life. There are also four bedroom suites, including a VIP suite on the opposing wing of the home.
The property features a 15,000-square-foot two-level entertainment center that houses the discotheque/ballroom. The event space features a DJ booth, a revolving dance floor and a laser-light system.
There is also a separate guest house and a parking garage that “can easily accommodate parking for 150 cars,” says listing agent Joyce Rey.
The outside highlights include a 128-foot reflecting pool and fountain, waterfall, spa, swimming pool, tennis court, BBQ-area, grand views of Los Angeles, as well as the only functioning vineyard in Beverly Hills.
The onsite vineyard’s private wines are Sangiovese, Merlot, Syrah, Cabernet, Rose and Sauvignon Blanc producing up to 500 cases a year.
Since the 24 percent price cut of the estate, Greene released the following statement: “When we originally put it on the market, we were prepared to see what the response would be. Now, we are very motivated to sell. I have toured many of the world’s top estates, and there is nothing quite like it anywhere.”
Jeff Greene owns properties in Florida, New York and California with his wife, Mei Sze Chan. The couple dubbed their Beverly Hills home “Palace of Love” because it was the destination of their wedding.
Joyce Rey and Stacy Gottula of Coldwell Banker Previews International are the listing agents.