- Hedge fund Jeffrey Feinberg is expected to take a $6 million loss to avoid LA’s recent imposing tax hike
- While the financier tries to avoid a $2 million tax, other lavish homes in the area could lose more than $8 million
- Los Angeles elites face a new mansion tax in a week that will take a 5.5 percent share of every $10 million sale
A California hedge fund is scrambling to sell its sprawling LA mansion before a looming April 1 deadline will cost it millions.
Jeffrey Feinberg, the multimillionaire CEO of Feinberg Investments and former executive director of George Soros’ hedge fund, faces a new mansion tax to be levied on Los Angeles’ lush real estate market.
The financier is willing to accept a $6 million cut on his extravagant seven-bed, 11-bathroom property, far less than the $44 million he paid two years ago, just to avoid paying another $2 million lose if the new tax takes effect, reports CNBC.
Outfitted with the most opulent amenities money can buy, including a Kobe Bryant-style basketball court and a 70-foot infinity pool with panoramic views of the California coast, the property is one of the most luxurious in the nation.
And Feinberg isn’t the only one feeling the sting, as many of the opulent region’s priciest mansions on the market will cost their current owners fortunes.
The home of financier Jeffrey Feinberg is trying to sell its sprawling LA estate quickly to avoid a looming mansion tax. Feinberg, pictured, is the head of Feinberg Investments and former managing director of George Soros’ hedge fund. He is reportedly ready to sell the home at a $6 million loss. The spacious home comes complete with seven bedrooms and eleven bathrooms. A 70-foot infinity pool offers panoramic views of the California coast
Feinberg faces a huge loss thanks to a new LA property tax that will cause the city to cut all home sales between $5 million and $10 million by 4 percent.
And for homes that sell for more than $10 million, officials take a whopping 5.5 percent cut when the homeowner collects.
Local law, which goes into effect on April 1, forces Feinberg to sell his lavish estate after a year-long struggle.
After buying the home for $44 million in 2021, Feinberg put the home back on the market after just a year for $48 million but failed to find a buyer.
He later brought in an aggressive pricing strategist who lowered the asking price by $10 million — which would cost Feinberg the equivalent of $64,000 for each of the 94 weeks he lived in the home.
And it’s easy to see why the property reportedly cost the financier millions of dollars, not least because of the full staff needed to maintain it.
Numerous private decks are spread across the sun-drenched behemoth, which has a unique open-roof design that sets it apart among its opulent neighbors.
The maze inside features clean, stylish finishes and expansive spaces, including a game room, home theater, golf simulator, and seven chic bedrooms that rival the world’s most expensive hotels.
On the lower level, glass walls offer a glimpse into an elegant car gallery – sure to be filled with supercars to suit anyone who can afford the massive mansion.
The lower deck features a glass-walled gallery that can accommodate a number of supercars. A Kobe Bryant-inspired basketball court sits atop the sun-drenched property. The spacious property also features a private film screening room
Los Angelinos voted in November to approve the new mansion tax, which was expected to bring in between $600 million and $1.1 billion each year.
The money will be used for affordable housing and renter assistance programs in the area, with more than $5 million in funds being drawn from each home sale.
Unless it miraculously finds a buyer in a week, one of the worst properties for sale is a sprawling 12-bedroom mansion in Bel Air that’s currently on the market for a whopping $139 million, according to Zillow.
Dubbed “Le Fin,” the mansion offers panoramic views of Los Angeles and rivals almost any home in the nation for its aesthetic design.
A spiral staircase winds around a massive chandelier made of 55,000 crystals, while every piece of furniture was custom-made for the property by Italian luxury brand La Contessina.
However, the new mansion tax would earn $7.6 million from its sale if sold after April 1 at its current market value.
Dubbed “Le Fin” in the picture, a sprawling 12-bedroom mansion is currently on the market for $139 million. The owners of the lavish property would lose $7.6 million if they sold the home after April 1. A spiral staircase winds around a huge chandelier made of 55,000 crystals inside the property
The city would reap even more from the sale of another lavish residence in the area, with a $155 million home branded The Manor in the exclusive community of Holmby Hills.
Although the city would earn a staggering $8.5 million from the sale, the new owners would certainly feel it was worth it as they enjoyed the numerous features.
Set on a majestic four-acre property, The Manor offers a private retreat from the hustle and bustle of LA life – while adjoining the acclaimed Los Angeles Country Club.
The home boasts a whopping 27 bathrooms spread across its 56,500 square foot lot and also features a bowling alley, tennis court, beauty salon, rose garden and professional screening room.
Dubbed The Manor, this sprawling estate is one of the nation’s most opulent. The City of Los Angeles would earn an incredible $8.5 million from their sale. The home features numerous amenities including a bowling alley, beauty salon, rose garden and professional screening room
For those who don’t want to cross the $100 million threshold, a posh $49 million property is also in the crosshairs of the new mansion tax.
Also located in the desirable community of Bel Air, the stylish home offers six bedrooms, eleven bathrooms and unobstructed views of the Pacific Ocean.
A sun-drenched patio is filled with lush landscaping and an infinity pool that’s a stone’s throw from a private indoor spa.
With a private wine cellar, gourmet kitchen, and home theater, the home’s amenities are spread across a 5,000 square foot lot.
But under LA’s latest tax, the owners would lose just over $2.7 million if they split after April 1.
This $49 million home is located in the desirable community of Bel Air. Its sale would bring LA a $2.7 million payday thanks to its new mansion tax. Aside from its breathtaking views, the stylish home offers a private wine cellar, gourmet kitchen and home theater. The home’s sleek design places it among LA’s most stylish villas
One of the poshest homes to fall under the new wealth tax is available for $64 million, an enviable property in the prime Palisades Riviera.
Though it’s not the largest on the list at just over 1.1 acres of land, the 13,000-square-foot home also features a 3,000-square-foot two-bedroom guest house.
In addition to eight bedrooms and 14 bathrooms, the spacious home also offers two study rooms, a fitness room, media and game rooms and a Japanese spa bathtub.
Outside, a long private driveway ends with the scenic grounds, which have a large pool and hot tub in the manicured backyard.
But if the owners can’t sell within a week, the owners will lose $3.5 million.
This $64 million home is one of the ritziest in LA’s upscale housing market. With eight bedrooms and 14 bathrooms, the home maintains an aesthetic style not always found in West Coast megamansions Bedrooms The stylish home is complete with traditional finishes, including stacked bookshelves bordering the dining room