Luxury Real Estate Market in Southern California Slows Down in 2023: Top Sales of the Year
The luxury real estate market in Southern California may have slowed down in 2023, but that didn’t stop some high-profile sales from making headlines. From record-breaking purchases to celebrity-owned properties, here are the top sales of the year that kept the industry buzzing.
In May, power couple Jay-Z and Beyoncé made history by shattering California’s price record with their $200 million purchase of a concrete compound in Malibu. The 40,000-square-foot mansion overlooks the ocean in the affluent enclave of Paradise Cove and was designed by renowned architect Tadao Ando.
Not far behind, Jennifer Lopez and Ben Affleck claimed the second-highest home purchase of the year with their $60.85 million acquisition of a five-acre spread in Beverly Crest. The couple paid in cash for the 38,000-square-foot mansion, which boasts 12 bedrooms, 24 bathrooms, and a variety of luxury amenities.
Mark Wahlberg also made waves in the real estate market when he sold his Beverly Park mega-mansion for $55 million in February. The European-inspired palace features a five-hole golf course, grotto-style swimming pool, and a Boston Celtics-themed basketball court. Wahlberg’s timely sale helped him avoid paying hefty taxes under Measure ULA.
Attorney Stuart Liner and his wife, Stephanie Hershey Liner, sold their beach house on Point Dume for just over $52 million to Tom van Loben Sels, a partner at Bay Area tax firm Apercen Partners. The 6,000-square-foot home comes with a swimming pool and tennis court, and the Liners scored a hefty profit after extensively remodeling the property.
Lastly, Villa Firenze, a sprawling Italian-inspired mansion built by Hungarian billionaire Steven Udvar-Hazy, finally found a buyer in February for $52 million. The luxurious villa, which features 40-foot palm trees, 20-foot ceilings, and a two-story library with a secret passageway, had been on the market for years with a series of price cuts before selling at a fraction of its original asking price.
Despite the slowdown in luxury sales, these top transactions of 2023 prove that Southern California’s real estate market continues to attract high-profile buyers and make headlines.