The megamansion was built for Tony Pritzker, heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker.
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One of the priciest homes for sale in the Los Angeles area just got $40 million knocked off its listing price.
The Beverly Hills megamansion is now listed for $135 million, the highest asking price on the open market in Los Angeles County.
One other property , in Bel-Air, is also asking $135 million after a similar-sized price cut last month.
“It’s time (for the sellers) to move to the next chapter…They’re ready to pass the torch,” said Kurt Rappaport of Westside Estate Agency, who shares the listing with his colleague Stephen Shapiro.
The home was built for Tony Pritzker—heir to the Hyatt Hotel fortune and brother of Illinois Gov. JB Pritzker—and Jeanne Pritzker, who listed the home for sale in October 2024 for $195 million after settling their divorce, The Wall Street Journal reported at the time. That price was lowered to $175 million in April.
The estate is made up of multiple parcels, and, under an LLC, they bought at least some underlying property in 2005 for about $14.7 million, according to records accessed via PropertyShark.
The Pritzkers hired architect Ed Tuttle to design their contemporary mansion, made of steel, glass and limestone and completed in 2011. At 50,000 square feet, it’s one of the largest homes in the U.S., and nearly as big as the White House.
It stands on a 6-acre promontory—an unusually large lot size for Beverly Hills—allowing for an unobstructed view that stretches across Los Angeles all the way to the ocean.
“It’s one of the best and largest view promontories in Los Angeles,” Rappaport said. “The architecture design and scale of the property are irreplaceable.”
The 16-bedroom, 27-bathroom home is filled with all the expected high-end amenities, including a theater, a game room, a bowling alley, a wellness centre, a gym and a wine cellar, according to the listing.
There’s also a security room, 18 fireplaces, solar panels, and a heating and cooling system powered by geothermal technology.
On the grounds, there’s a two-story, two-bedroom guest house; parking for up to 100 cars; a green marble infinity pool and hot tub; an outdoor kitchen; and a lighted tennis court with a pavilion, according to the listing.
The Pritzkers couldn’t be reached for comment.
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The US housing market remains under pressure as high mortgage rates continue to weigh on affordability and demand. Industry leaders say 2026 has been one of the toughest years for home sales, with slower price growth, weaker mortgage activity, and fewer buyers entering the market. However, experts say reduced competition and more price cuts could create opportunities for well-prepared buyers.
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The typically busy spring season for the housing market was a dud, and the summer isn’t looking much brighter.
Housing services companies like Zillow Group and Rocket RKT +3.78% were loud and clear last week on earnings calls: Rocket CEO Varun Krishna called the quarter through June “one of the toughest spring housing markets in years.”
Jeremy Hofmann, Zillow’s chief financial officer, said on a conference call that the company predicted earlier this year that the market for mortgages would be flat. “We actually now think it’s going to be down low-to-mid-single digits,” he said.
The rest of 2026 will remain challenging for mortgage origination volume, says KBW analyst Bose George. The question now is what happens in 2027. “If mortgage rates remain [around] 6.75%, I think that’s going to be challenging even for next year,” he says.
But what’s bad news for mortgage companies could be a positive for bargain hunters. Buyers can expect prices to grow more slowly—or mildly decline—with less competition as long as mortgage rates remain unpredictable.
Mortgage rates at the beginning of the year were solidly below year-ago levels, notes Zillow senior economist Kara Ng. But they surpassed last year’s levels recently, she adds, referencing Freddie Mac’s weekly survey of 30-year fixed mortgage rates. Last week’s reading, at 6.69%, was higher than year-ago levels for the first time in 2026.
“From the affordability point of view, it’s going to get more challenging in the second half of the year,” she says. “And when affordability gets more challenging, that impacts sales and home price appreciation.”
Mortgage application data tracked by the Mortgage Bankers Association has cooled since the beginning of the year. The trade group expects that the number of mortgage originations in the remaining two quarters will lag behind last year’s levels, after exceeding 2025 levels in the first half.
Rocket’s early-stage data—which the company told Barron’s it derives from its brokerage Redfin, demand for its mortgage products, and signs in its servicing portfolio that a homeowner is preparing to refinance or move—“leads us to expect the third quarter mortgage market to be smaller than the second,” Chief Financial Officer Brian Brown, said on the company’s call. He added that such an occurrence is “something the industry has not seen since 2022.”
Prices will be about flat nationally, Ng says. Zillow’s most recent forecast, which shows how values are expected to change in the year ending June 2027, show them dropping in roughly half of the 100 largest U.S. metros for which data is available.
Buyers aren’t rushing in at a time when mortgage costs are rising and unpredictable. But those with the right combination of patience and cash could stand to benefit. “If you are financially qualified to buy a starter home, you are facing less competition and you’re more likely to get a price cut,” Ng says.
