Chinese Buy Sunset Boulevard Mansion!

Chinese Buy Sunset Boulevard Mansion!

Chinese Buy Sunset Boulevard Mansion!

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We knew the Russians were coming along with the Germans and a few fist fulls of other foreign nationals anxious to take advantage of our real estate price bust, . . .but with this sale, it’s time to look at the Chinese as U.S. property buyers and where they stand in our market. Though not exactly the talk of the town until now, the National Association of Realtors reports that in the 12 months ending March 2011, the Chinese had purchased $7.4 billion dollars worth. This sale and others since that date will boost those figures and it will be interesting to see the new numbers when they come out. With available property in China at a minimum, it only makes sense for them to invest here with our property values down a third since 2009.

Unlike the Japanese who prefer uncluttered fine lines in architecture, the Chinese have always gone for the ornate, and that taste specific is well suited to this mansion. Buyers Ning and Karen Siqiao, according to multiple news agencies, are a young couple with entrepreneurial business interests in China, where they spend a majority of their time. Since their love of travel was also reported, with this hefty purchase, maybe they will open a U.S. office and spend more time in the U.S. The mansion is large enough to house and entertain most any number inside its 36,000sf and outside on its 2 acres replete with tennis court and Romanesque pool pavilion. From the choice of marble used in the many interior columns to the 66 massive crystal chandeliers to the gold leaf used to accent moldings, the pure splendor of this home is awesome.

Originally priced in 2010 for $68.5 million, in 2011 the price was lowered to $55 million and lowered the third time in February 2012 to $45.9 million. The Siqiaos purchased it for $34.5 million, or half the original price. It is estimated that it cost $40 million to build. Congratulations to our friends at Hilton & Hyland for brokering one of the most exciting sales of 2012.

Source: www.9577sunsetblvd.com