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Real Estate Investor to Lose Big on Gold-Encrusted Megamansion

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Location: Beverly Hills, Calif.
Price: $55,000,000
The Skinny: Yesterday, we perused the over-the-top design of real estate mogul Frederick Webha's $8M Beverly Hills mansion. That 9,000-square-foot spread reflected just a small fraction of Webha's taste for overstated decor. His "dream home," set on Sunset Boulevard, is a 36,000-square-foot, nine-bedroom megamansion that Webha spent some $65M constructing. The most maddening side of this story: the mogul and his wife had a change of heart before the place was complete and listed it for $68.5M, saying "such a prominent display of wealth no longer made sense during the protracted economic slump." Now the couple are preparing to have a little less wealth to display, as the megamanse has been chopped down to $55M.
· 9577 Sunset Blvd [Realtor.com]
· Teddy Bears Stand Guard Over Real Estate Mogul's Second Home [Curbed National]
· Even Sunset Construction Race Builder Thinks House is a Little Crazy [Curbed LA]
· Gold Doorknobs Not Helping Sunset Boulevard Mega-Mansion [Curbed LA]