In L.A.’s wild spec market, one penthouse comes with a McLaren supercar
There will always be something bigger in L.A.’s luxury real estate market. There will always be something better. There will always be something newer.
In a market where every home builder is constantly trying to one-up the rest, spec developers — those who build homes without a buyer lined up, including extravagant mansions that often aim for more than $10 million — are willing to try just about anything to set their properties apart.
The developers behind the Pendry Residences West Hollywood, a new complex of 40 luxury homes on Sunset Boulevard, have their own strategy: Throw in a supercar.
Pendry recently announced that, for $16 million, a two-story penthouse will come with a one-year lease on a McLaren 765LT car, as well as a showroom to store it in. Spanning 1,719 square feet, the chic five-car garage is connected to the home via private elevator and includes a washroom and $400,000 design allowance that buyers can use to customize the space.
They’re banking on exclusivity; the 765LT supercar is one of only 765 set to be available, and the 2020 allotment has already sold out. The penthouse includes other highlights to sweeten the deal, such as a private terrace, spa and access to the Pendry hotel’s amenities, which include new restaurants by Wolfgang Puck.
It’s not the first time a developer has tossed in some million-dollar goodies to close a deal. As spec builders aim for higher and higher sales, the list of add-ons grows as well.
In 2017, spec developer and handbag tycoon Bruce Makowsky set a record when he listed a 38,000-square-foot Bel-Air mega-mansion for $250 million, which at the time was the priciest listing in the country. The gargantuan price tag included a smorgasbord of amenities: a Hobie Cat sailboat, a helicopter used in the 1980s action series “Airwolf” and a $30-million fleet of exotic cars and motorcycles, including a Bugatti, an Allard and a Rolls-Royce.
A few years earlier and a few miles east, Makowsky also put a Beverly Hills mansion on the market for $85 million. That one came with a towering candy wall, a replica of James Dean’s motorcycle and a $200,000 sculpture of a giant blue hand grenade.
Developer Nile Niami took a similar approach when listing his spec mansion dubbed Opus for $100 million, but threw in a bit more alcohol. In addition to two cars — a Lamborghini Aventador and a Rolls-Royce Dawn — the nine-figure price also tacked on two fully stocked bars and a vault filled with Champagne.
Some developments, such as the Thermal Club in Coachella Valley, try enticing buyers with a lifestyle. The motorsports community holds 268 home sites, and many of the houses boast 20-car garages that open to one of four racetracks spread across the 426-acre compound.
Homeowners can eat breakfast pit-side while mechanics ready their cars for a day on the tracks. For an added monthly fee, staffers will keep their houses clean and stocked with groceries.