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

The couple claims the firm Pereiras Architects Ubiquitous and property owners Daniella and Ari Schwartz accessed their exclusive plans in property records last August through the Lawrence buildings department — without their permission.

“There is no doubt that you have accessed and intentionally copied the plans of the Fortgang residence intending to create a replica of our clients’ home and distinctive exterior,” the Fortgang’s lawyer Steven Stern wrote in a cease-and-desist letter — nypost.com

Despite the themes of the video, nothing was shot in New Orleans...The concept and quick turnaround required Tobman and the rest of the crew to convert [the Fenyes Mansion in Pasadena into a] fitting Southern Gothic set...A Beaux Arts mansion commissioned by and built for Dr. Adalbert Fenyes and his wife Eva Scott Muse Fenyes in 1905, there was nothing really Southern about architect Robert D. Farquhar's design — Curbed

According to celebrity gossip juggernaut TMZ, the Playboy Mansion in Los Angeles is soon to go up for sale and the owner — Playboy Enterprises and not Hugh Hefner — hopes for a brazenly quixotic and international publicity assuring sale price “somewhere north of $200 million.”

[...] should someone sign on the dotted line they will be required to accept a lifetime tenancy by Mister Hefner, now 89 years old and married since 2012 to 29-year-old former Playmate of the Month Crystal Harris. — variety.com

Here's a line I never thought I'd have the pleasure of writing:

Los Angeles Archbishop Jose Gomez is sparring with elderly Sisters of the Immaculate Heart of Mary over the pending sale of the nuns' former convent in Los Feliz to international superstar singer Katy Perry. — latimes.com

One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million.

Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to city records. [...] including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said. — bloomberg.com

“For 10 or so of these important properties to come on the market at the same time, that matters a lot,” - Gregory J. Heym, an executive vice president and the chief economist for Halstead Property and Brown Harris Stevens — NYT

Six years ago, Los Angeles politicians imposed new limits on the size of new and renovated houses, promising to rein in what they called "homes on steroids" dwarfing blocks of smaller buildings.

But as the housing market rebounds and construction picks up, many homeowners complain that "mansionization" has revved up — reigniting long-standing policy battles and sometimes bitter fence fights over the face and feel of L.A.'s neighborhoods. — latimes.com