Bruce Makowsky’s home was the most desired and costliest property in America. It even had a bid as high as $250 million and huge competition to buy. The home was known for its luxurious built and exquisite amenities like a candy room and a crocodile skin-clad elevator.
Just three years down the line, the current owner and Formula One heiress Petra Ecclestone sold her Holmby Hills home, known as Spelling Manor for its longtime resident Aaron Spelling, for $120 million, far less than its original $250 million asking price when it went on the market in 2016. That property was purchased by a buyer from Saudi Arabia, according to people familiar with that transaction. The major reason for the price drop is said to be the over-supply of luxury home and many recent elevations matching the competition.