• The price of a Los Angeles mansion, once the most expensive in America, has been reduced to $165 million.
• Casa Encantada was first listed for $225 million in 2019; has been in and out of the market ever since.
• The seller is the widow of telecommunications mogul Gary Winnick, who paid $94 million for it in 2000.

Casa Encantada has many claims to fame.

The 40,000-square-foot mansion in Los Angeles’ Bel Air district once belonged to Hilton Hotels mogul Conrad Hilton and was equipped with basements where silver, furs and wine were stored.

After a major renovation, it has modern amenities such as a tennis court with viewing pavilion.

Jeff Bezos once saw the mansion with his own eyes – then chose one Instead, it’s not too far away.

Now the property is discounted by $30 million.

Let us explain: The house, nicknamed Casa Encantada, hit the market in October 2019 for $225 million, making it the most expensive listing in the country at the time.

It has since been on the market for asking prices of up to $250 million, according to listing history on Realtor.com and other sites. reports. This week, bidding for the 60-room mansion fell to $165 million, a 34% drop from its top price tag.

It’s not the most expensive home for sale in the US; that would be a compound in Naples, Florida, owned by the family of the late financier John Donahue. On the market for 295 million dollars. With the latest price cut, it’s no longer California’s most expensive listing. this belongs 50,000 square foot Pritzker mansion It was listed at $195 million in Los Angeles.

Casa Encantada is owned by Karen Winnick. She is the widow of financier Gary Winnick, who founded the telecommunications company Global Crossing and died in 2023.

Josh Flagg of Compass, one of Casa Encantada’s listing agents, said their drive through price reductions is indicative of a decline in the broader luxury market and demand for ultra-luxury properties.

“If this were 2017, the home would have sold by now, but given the state of the market, there are no buyers lined up for homes priced over $100 million,” Flagg said in an email to Business Insider. “However, there are people who can afford to buy such a house, and it only takes one person.”

Located at 10644 Bellagio Road and overlooking Bel-Air Country Club, the 8.4-acre property has a lot to offer its next buyer.

Take a look inside.