Huffpost Business

What Recession? Mega-Mansions Boom In L.A.

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In Beverly Hills, a 32,000-square-foot beaux-arts mansion that will be sheathed in Portuguese limestone and adorned with gold-plated doorknobs fashioned in France is rising on Sunset Boulevard.

A few miles away in Bel-Air, businessman Eri Kroh has requested permits to lop off the top of a hill, fill in a canyon and then, after moving some 68,000 cubic yards of dirt, replace the chaparral-covered lot with a 30,000-plus square-foot single family home with Pacific Ocean views.

Anyone who assumed that the construction of mega-mansions would grind to a halt as the economy worsens must not be familiar with the customs of the very rich.

"Does anybody need 40,000 square feet?" asks real estate agent Stephen Shapiro of the Westside Estate Agency. "No, [but] these are our current-day aristocrats and feudal leaders . . . and this is what they want."

Read the whole story at The Los Angeles Times