As Nickelback put it, we all want ‘a brand new house on an episode of Cribs’; but a huge house and ‘A front door key to the Playboy mansion‘ come at a cost – and I’m not just talking about the purchase price.
Los Angeles property taxes for million dollar homes can escalate up to the point where owners could use that money to buy smaller abodes. Case in point, here are the 10 biggest real estate tax payers in Los Angeles:
1. Petra Ecclestone, owner of the Spelling Manor
The daughter of British Formula 1 billionaire Bernie Ecclestone paid $85 million back in 2011 for the former Spelling estate, also known as The Manor. Initially listed at $150 million, the over 50,000-square-foot home at 594 South Mapleton Drive quickly gained the title of ‘most expensive house in the U.S.’ Now, it nabbed the first place on our list of biggest property taxes, with an estimated $1,061,411 tax.
2. Gary Winnick, owner of the Casa Encantada at 10644 Bellagio Rd
Gary Winnick – Pacific Capital Group CEO and founder of Global Crossing – pays an estimate of $979,119 in property taxes for his 10644 Bellagio Road home. The 20-bedroom home, formerly called Casa Encantada, was once owned by famous hotelier Conrad Hilton. Winnick bought the Bel Air property from businessman David Murdock in 2000 for a mind-boggling $94 million.
3. GACAC LLC, owner of the Norcross House — 673 Siena Way
The LLC, listed as owner of the Monterey Colonial Style house at 673 Siena Way, pays approximately $716,936 in property taxes for the 1926-built estate.
4. Jad Group LLC*, 457 Bel Air Road, Los Angeles
Jad Group shells out an estimate of $644,322 in property taxes for the 46,000-square-foot property at 457 Bel Air Road. The 6-bed, 10-bath mansion spreads on a 4-acre lot and was built in 2006.
5. State Management and Development Ltd, Le Belvedere, 630 Nimes Road
The 630 Nimes Road property, bought in 2010 for a staggering $50 million (a considerable discount from the initial listing price of $85 million) requires some incredible upkeep costs, not to mention a property tax of $636,847.
6. Geffen David, 1801 Angelo Drive, Beverly Hills
The entertainment mogul pays $629,732 in taxes for his Beverly Hills manse (at 1801 Angelo Drive). And that’s just for this property! Geffen is known as quite a spender when it comes to luxury real estate, setting a new record for Manhattan co-ops two years ago, with the $54 million purchase of a 785 Fifth Avenue penthouse duplex.
7. Allan Mutchnik, The Knoll – 1130 Schuyler Rd, Beverly Hills
Previously owned by late billionaire Marvin Davis and wife Barbara, The Knoll (a popular moniker for the 1130 Schuyler Road house) is the designated 90210 property on our list, with a tax estimated at $515,159.
8. Gene Sykes, La Belle Vie – 332 St. Cloud Road
The famous residence, affectionately called La Belle Vie, is located in prime, lower Bel Air at 332 St. Cloud Road. Owner Gene “Tiger” Sykes of Goldman Sachs shells out $509,477 in property taxes.
9. Hugh Hefner, The Playboy Mansion – 10236 Charing Cross Road
Home to Hugh Hefner and his lavish parties, and the mother of all celebrity cribs, the property at 10236 Charing Cross Road is possibly the most mediatized one on our list. Featured in popular TV shows like Entourage, Sex and the City, and Curb Your Enthusiasm, the Playboy Mansion even got its own reality show on E!, called The Girls Next Door. Property tax: $485,301. But the cost might just be worth it… After all, how many homes can pride themselves with having a U2 song named after them?
10. Oriole Drive LA, LLC – Montalban House, 1423 Oriole Drive
Ricardo Montalban’s old estate at 1423 Oriole Drive was last sold in 2012 for an impressive $38,980,000 (about $30 million more than the owner got it for back in 2010). And it comes with a hefty tax of $477,206.
*Correction: A previous version of this article listed fashion designer Mara Hoffman as the owner of 457 Bel Air Rd, #4 on our list. The post has been updated on Jan. 6, 2016 and now lists Jad Group LLC as the owner of the property.