BEVERLY HILLS—Slated to break ground in October, the Four Seasons residential project has listed and sold its penthouse condominium for $50 million, making it the most expensive condo sold in the history of Los Angeles.
The 12,000-square-foot penthouse will be located, but not limited to, the entire top floor of the 12-story building. The luxurious home will include a rooftop garden and pool on the 9,000-square-feet deck, which features 360-degree views of the entire city, says the press release.
Founder of the West Hollywood-based developing company, Genton Property Group LLC, Jonathon Genton told the Wall Street Journal (WSJ), that the Penthouse was designed with the concept of being “paparazzi proof.” Through high-end technology, the homeowners will simply be able to control elevators from the underground parking garage directly up to their unit.
According to Forbes, the theoretical non-furnished penthouse has already sold to a Chinese billionaire moments after the release.
“In addition to the penthouse, there are three unit types available, including a townhouse and single-floor units that start at $2.5 million, as well as 5,000-square-foot units below the penthouse that will list for $20 million. About 17 prospective buyers have reserved units, which require a deposit of $100,000 to $1 million, in the 59-unit building,” says WSJ.
The complete revenue of project should cash in for around $400 million.
The Four Seasons private residences, which were previously known as the Wetherly Residences, bear the hotel’s name, but will be completely separate from the Four Seasons Hotel that is adjacent from the condominiums-to-be.
Jonathon Genton told the Los Angeles Times that “skeptics said we [the condos] should be physically connected to the hotel. We said no, we need everything connected to the brand, but in an ideal world you don’t share elevators or services with hotel guests at this price. The buyers do not want transient guests in their space.”
The record for the most expensive condo within Los Angeles city limits was held by Candy Spelling, the widow of television producer Aaron Spelling. In 2010, she purchased her two-story Century City home for $34.8 million.
The Four Seasons residential project is scheduled to be finished in late 2017.
