Huge LA mega-mansion approaches deadline in a WEEK before seller loses fortune trends now
A California hedge funder is scrambling to sell his sprawling LA mansion before a looming April 1 deadline costs him millions.
Jeffrey Feinberg, the millionaire head of Feinberg Investments and former managing director of George Soros' hedge fund, is facing down a new mansion tax set to be imposed on Los Angeles' lavish real estate market.
The financier is prepared to accept a $6million cut on his extravagant seven-bed, eleven-bathroom property, far less than the $44million he paid just two years ago simply to avoid losing a further $2million when the new tax hits, reports CNBC.
Decked out with the most opulent amenities money can buy, including a Kobe Bryant themed basketball court and a 70-foot infinity pool with panoramic views of the California coast, the property is one of the most luxurious in the nation.
And Feinberg is not the only one feeling the sting, with many of the opulent region's most expensive mansions on the market looking set to cost their current owners a fortune.
The home of financier Jeffrey Feinberg is attempting to quickly sell his sprawling LA estate, pictured, to avoid a looming mansion tax
Feinberg, pictured, is the head of Feinberg Investments and former managing director of George Soros' hedge fund. He is reportedly prepared to sell the home at a $6million loss
The lavish home is complete with seven bedrooms and eleven bathrooms
A 70-foot infinity pool offers a panoramic view of the California coast
Feinberg is facing the huge loss thanks to a new LA property tax, which will see the city take a 4 percent cut of all home sales between $5 million and $10 million.
And for properties that sell for more than $10 million, officials will be taking a huge 5.5 percent slice when the homeowner cashes in.
Coming into effect on April 1, the local law is forcing Feinberg's hand, following a year-long struggle to offload his lavish estate.
After purchasing the home for $44 million in 2021, Feinberg put the home back on the market for $48 million after just a year, but failed to find any takers.
He later brought in an aggressive pricing strategist, who slashed $10million off the asking price - which would cost Feinberg the equivalent of $64,000 for each of the 94 weeks he had lived in the home.
And it is easy to see why the home was reportedly running the financier millions in expenses every year, not least due to the full staff needed to maintain it.
Numerous private decks are spaced out across the sun-soaked behemoth, which has a unique open-plan rooftop design that sets it out amongst its opulent neighbors.
The mazing inside is set with clean, classy finishes and expansive rooms, including a games room, home-cinema, golf simulator, and seven ritzy bedrooms comparable with the most expensive hotels in the world.
On the lower level, glass walls offer a glimpse inside a sleek car gallery - sure to be filled with supercars befitting of anyone who can afford the massive mansion.
The lower deck features a glass walled gallery to house an array of supercars
A Kobe Bryant inspired basketball court is situated on the sun-soaked estate
The lavish property also comes with a private cinematic screening room
Los Angelinos voted to approve the new mansion tax in November, which was expected to raise between $600 million and $1.1 billion every year.
The money is set to be funneled towards affordable housing and tenant assistance programs in the area, drawing money from every housing sale in excess of $5 million.
Unless it miraculously finds a buyer in a week,