There is a new most-expensive home in America. A royal family is the seller.
A firm linked to Qatar's Al Thani royals listed a Bel Air mansion for $400 million.
If it sells at ask, it would top the U.S. record. That record was set by Ken Griffin's $238 million New York penthouse in 2019.
The home sits on about eight acres above the Bel-Air Country Club. It looks out over downtown L.A. and the Pacific.
It was built in 2018 after about 10 years of work. The architect was Peter Marino. The builder was Peter McCoy.
The build cost more than $350 million.
The compound spans about 70,000 square feet. It is split between a main house and a separate guesthouse. There are 39 bedrooms and 50 full baths.
The amenities list reads like a hotel:
The guesthouse alone could be worth more than $75 million.
The listing comes as California debates a new wealth tax. The tax is aimed at the state's richest residents.
New York is also pushing a pied-a-terre tax. It would hit second homes worth $5 million or more.
Both plans could push more trophy homes onto the market. The Al Thani family paid $35 million for the site back in 2010. So even at a deep discount, the seller is unlikely to walk away with a loss.
Yearly property taxes on the home top $1.4 million. Closing costs alone, at the full ask, would run more than $14 million.
The last Bel Air record-attempt, "The One," listed at $295 million. It dropped to a $141 million bankruptcy auction price in 2022. The buyer was Fashion Nova founder Richard Saghian.
Two other current contenders also sit near the top of the list. A 75-acre ranch in Aspen owned by Stewart and Lynda Resnick is asking $300 million. A Miami waterfront home is listed at $237 million.
The $400 million sticker tells investors what the very top of the U.S. luxury market looks like right now. Whether anyone actually pays it is a different question.
For real estate watchers, the listing matters because it sets a fresh ceiling. New tax rules could push more royal-owned and billionaire-owned trophy homes onto the market this year.
The Bel Air sale will be the first big test. It will show how much demand is left at these levels.
For investors in luxury real estate, the deal also tells a story. Trophy homes are not the safe wealth-storage play they used to be.
A new wealth tax in California could change the math. So could a pied-a-terre tax in New York. Both moves point to a world where holding empty trophy homes gets more costly.
Sellers may move faster as a result. Buyers will want a steeper discount on each new listing.