To say the last few months have been life-changing for Edwin Castro would be putting it mildly. In November, he bought a winning Powerball lottery ticket at a Mobil gas station in the Los Angeles suburb of Altadena. Last month, he finally claimed his record-shattering prize, taking home a $997.6 million lump sum before taxes. Less than 30 days later, he’s the proud owner of one of the flashiest new mansions in the star-studded Hollywood Hills. — Dirt

The January 2021 issue of Architectural Digest featured a remodeled $42 million San Francisco residence described as a Spanish Renaissance Revival palacio. [...] ...shows ancient Khmer sculptures resting on the same pedestals.

The Cambodian government says those stone relics, depicting the heads of gods and demons, match a set that was looted years ago from one of the nation’s sacred sites. — The Washington Post

Michael Eisner is chasing a record on the bluffs of Malibu, listing his prized oceanfront compound for $225 million. If he gets his price, it’ll be the most expensive home sale in California history. — The Los Angeles Times

A Los Angeles megamansion once expected to list for $500 million has gone into receivership after the owner defaulted on more than $165 million in loans and debt, according to court filings. The 105,000-square-foot Bel Air estate, known as “The One,” was placed into receivership by the Los Angeles County Superior Court and is expected to be relisted at a lower price in the coming months, according to people familiar with the property. — CNBC

While American single-family home prices have continued to rise in the midst of the pandemic, and we mere mortals hit “fave” on six-digit Zillow listings we’ll never afford, the rich are getting richer—and that includes celebrities who shell out millions on megamansions, an unofficial term traditionally used for any home over 10,000 square feet, and sometimes limited to those over 20,000. — VICE

Some know it as “The Beverly Hillbillies” mansion, others as Chartwell. Now, it has a new name: California’s chart-topper.

The Bel-Air residence of late media mogul A. Jerrold Perenchio has sold for the highest price in California history, about $150 million. The buyer is Lachlan Murdoch, son of Rupert Murdoch and co-chairman of publishing company News Corp., The Times has confirmed. — Los Angeles Times

After nearly four years on the market and a few sizable price cuts, a 123-room Holmby Hills mansion known as The Manor has sold for $120 million, making it the most expensive home sold in LA County.

The seller is Formula One racing heiress Petra Ecclestone, who bought The Manor from Candy Spelling in 2011, paying $85 million in cash. She gave the home a flashy makeover, adding a nightclub in the basement and tanks for exotic fish. — Curbed LA

The mammoth, unfinished mansion on Strada Vecchia Road in Bel-Air has long been at the center of controversy, investigations and legal battles.

Its developer, Mohamed Hadid, pleaded no contest to criminal charges after prosecutors accused him of building a house far bigger than allowed. [...]

And investigators have looked into possible wrongdoing by a city building inspector scrutinizing the house. — Los Angeles Times

The limestone clad mansion in Bel Air owned by the late TV executive Jerry Perenchio just got a price cut.

But at $245 million, the commanding French neoclassical residence, which measures 25,000 square feet, is still the most expensive listing on the open market in the U.S.

The property, which came up for sale last year for a staggering $350 million, has long been the cream of the crop among high-end estates. — Curbed LA

Perhaps it’s not a surprise in a city where residential prices can reach into the stratosphere, but in Los Angeles, more than 17 percent of all homes are valued at over $1 million.

What may be more shocking is that L.A. doesn’t have the highest share of million-dollar homes. [...]

San Jose and San Francisco were No. 1 and No. 2, respectively. In San Jose, homes valued over $1 million made up 53 percent of the market. San Francisco’s million-dollar-share was at 40 percent. — The Real Deal

The construction of this and other so-called giga-mansions underscores a new gilded age in the United States and especially in LA. [...]

The splurge comes amid a housing shortage that has fuelled a homelessness crisis, with 57,000 people without permanent shelter in LA county [...]. The Los Angeles Times columnist Steve Lopez compared the city’s hilltop mansions to giant tombstones marking the death of humility. — The Guardian

After 2016 smashed records for the planet’s biggest deals, this year was not far behind. There was a noticeable flurry of activity in the aptly named Golden State of California where the rich and famous – and we’re talking the likes of Beyoncé and Jay Z – flocked to snap up a piece of prime LA luxury. But three of the most expensive homes were all inside one development in Hong Kong. — The Spaces

The McMansion style, built between 2001 and 2007 and averaging 3,000 to 5,000 square feet, lacks the appeal with today's buyers compared to old vintage homes or large freshly built homes.

The realization is especially hard on homeowners trying to sell because when they bought the giant homes in the early 2000s, they thought of them as great investments, Feinstein said.

Then, the idea was that bigger was better because prices presumably would keep going up. — Chicago Tribune