April 1, 2014
After an international bidding war, a Westside mansion often described as a French palace has changed hands for $102 million, making it the most expensive residential sale ever recorded in Southern California...
Adding to the competition for such trophy estates is the fact that the Los Angeles-area housing supply is constrained by its geography, said economist Gary Painter, director of research for USC's Lusk Center for Real Estate. In this built-out environment there are few estates with acreage from which to choose.
"This is a very thin market, in a similar vein to an art market," Painter said. "There's only one of that type."