Bel Air’s Palazzo di Vista will be auctioned on April 21st
By Dolores Quintana
Palazzo di Vista is an “architectural masterpiece on a rare promontory in Bel Air”. which will be auctioned on April 21st via a worldwide online auction hosted by Concierge Auctions. This auction isn’t just for potential buyers, anyone who wants to watch the auction can register and see the bidding. Concierge Auctions is committed to making the auctions transparent to the public to ensure their contribution to sales in the Los Angeles real estate market is accurate and they are able to determine the true market value of the properties they are selling.
The mansion is brand new and is priced at $87.777 million with a $50 million reserve. The property offers some of the best views in Los Angeles, from the San Gabriel Mountains to the Channel Islands. The website describes the Palazzo di Vista as “an ultra-luxurious mansion [that] features unparalleled amenities for a future life, including a one-of-a-kind multi-sensory NFT art gallery with seven indoor large format media displays and a rotating 2-D laser projector designed for NFT artworks, casting rhombic light-shape up to 1,650 square feet above Pool with mist jets mimicking the World of Color attraction at Disney’s California Adventure Park.” Yes, this mansion has an NFT art gallery projected by a 2-D laser.
Standard features at the Palazzo di Vista include seven bedrooms, 11 bathrooms, and the mansion spans 20,000 square feet. We spoke to two of the people involved in this unique sale about the property and some of its more ‘future’ features to find out more.
First, we spoke to Chad Roffers, President of Concierge Auctions, about the auction and bidding process:
Dolores Quintana: The concierge opens the bidding in the auction to sellers around the world. Is this normal practice for the company?
Chad Roffers: It is. We operate in 40 US states and 33 countries around the world. We are very diversified and with properties of this type it is not uncommon for the buyer group to be global.
Can you explain the bidding process?
Sure, it’s very simple and very transparent. The auction takes place over a period of five days and is entirely digital. If you are a registered bidder, you will receive access data with which you can actually place bids. If you are an observer, you can also log in and observe the bidding, making it transparent to the entire marketplace. Bidding usually opens and there is usually some bidding in the first few days or hours of the auction, but usually most of the activity occurs in the last 30 minutes.
Because I’m curious, why is this happening in the last 30 minutes?
That’s a great question. I think it happens for a couple of reasons. One is that the buyers involved in buying real estate are very experienced people and I think from my experience they certainly want or are looking for the best possible deal. Most of them think that waiting until the end before really trying their best is the right strategy. I think that’s the nature of a typical buyer. I think Ebay taught the world to watch the clock.
This is like typical eBay or online bidding, waiting until the very last second to place your real bid.
One thing that is unique is the use of what is called a soft hammer. This means if a bidder places a bid with three minutes or less of auction time remaining, three minutes will be added to the count. So everyone really has a fair chance. You can’t get someone in at the last second and then miss out on the others who have been there all along. So from the point of view of a simple transaction experience, it is still transparent and fast. But we feel like that soft hammer levels the playing field for people to give them a fair chance.
That’s actually a good thing. That gives people at least three minutes to try again if someone tries to fall in.
That’s enough time. Maybe someone has a slower internet connection, for example. Who knows? It just levels the playing field once more and is still time efficient. In our experience, this is not unreasonable and gives everyone a fair chance.
I really like that you allow people who aren’t actually attending the auction to watch because auctions are traditionally closed to this kind of scrutiny.
Do we agree. We truly pioneered our high-end property category and believe it serves everyone better. I think that ultimately it is our job to find out what the market value of a property is. We think the more transparent we are, the more even the playing field will be and the more accurate the result will be.
The property is in a prime location and has some amazing features. But what makes this particular home one of the best properties in the world when you advertise on your website?
Sure, there are a number of elements, and we can talk about the house itself in a moment. But one thing unique about this property? Certainly the prospects are truly unprecedented. But the current owner has put quite a lot of effort into making the view permanent and there are a few easements in place to ensure the view cannot be compromised in the future by someone with nearby property. [The easements] means someone else can’t build in a larger plot that spoils the view. I think that’s really important. I think the view is absolutely one of the top attributes.
Do you anticipate high demand for this property? There is a report calling Los Angeles the hottest real estate market in the United States.
I find it interesting that you say that. Of course we are active all over the world. But there’s really no other market like Los Angeles that has the depth and breadth of more than 50 billion properties and the rate at which these types of property sales are made annually. In fact, I don’t think there’s another market in the world that has that. I think Palm Beach, Florida certainly has a lot of momentum right now. Aspen, Colorado has a lot of momentum, somehow at this rare air price point. But I think LA isn’t just like that right now, it’s been like that for a long time.
I think because of the pandemic there is really a desire to have your own home and property and you are not necessarily limited to being close to your place of work or business, which is part of what drives the market really exploded in LA . I don’t know if you think so.
This is super insightful and I agree with you. No question, interestingly, pre-pandemic market trends were urban rather than suburban and smaller, more turnkey. Now the trends are more suburban. I’m saying that Bel Air is certainly in an urban area, but it’s more of a suburb. This is how trends work, but also space. Space and size are coveted, and I think that’s because people have had to work from home and spend more time at home than they anticipated. I think that’s really why larger objects are more in demand.
I think you are right. Not only the space, but also the quality of life in the room is now important to many buyers.
Yes! For sure.
We also spoke to Aaron Kirman, one of the agents of the Aaron Kirman Group at Compass Architectural Real Estate, specifically about the NFT Art Gallery and the other luxurious amenities that come with the home:
What is an NFT gallery?
Aaron Kirman: This NFT art gallery features seven different NFT pieces, making the showcase garage an art gallery at the same time, equipped with seven large TV screens to play each NFT.
The NFT art gallery and 2D projector sounds like something that would be a new kind of property amenity. Is it the first of its kind?
It’s a newer convenience that wealthy homeowners want to include in their residence. Whether it’s one or two TVs playing NFTs continuously, or a full gallery, there’s an option for everyone.
What other amenities come with the house?
The house is listed as fully furnished. Additional amenities include a retractable DJ table in the center of the living room, glass elevator, koi pond, tequila bar, multiple fireplaces and fire pits, and a rooftop terrace, as well as separate grounds, a BAM Luxury Home Automation System, and fiber optics in the infinity pool that look like the night sky.