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The penthouse at the top of the celebrity-filled Sierra Towers in Los Angeles now offered for $48.8 million is this week’s most expensive new listing.

Dubbed the “mansion in the sky,” the property is available for the first time in five decades. It occupies the entire top floor, and encompasses 7,000 square feet of living space and 4,000 square feet of outdoor terraces.

But there is a catch. The swanky West Hollywood full-floor condo on the 31st floor is unfinished. A buyer needs to dream big and be prepared for a major renovation. To help you with this endeavor, the offering comes with a set of renderings showing off the potential of the enormous spread.

Views from the two-unit penthouse

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Living room (rendering)

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4,000 square feet of terraces

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Raw space

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Floor-to-ceiling windows with 360-degree views

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“This white-boxed, 11,000-square-foot double penthouse is one massive raw space for you to create your masterpiece,” the listing notes.

So what would entice someone to plunk down the dough for a project that will involve a lot of work and even more money? For the price, the unit includes unmatched views, from Hollywood Hills to downtown L.A. to the ocean, along with 15-foot-high ceilings, floor-to-ceiling windows, and an additional two small apartments, for guests or staff.

The seller is Evan Metropoulos, (brother of Daren Metropoulos, who owns the Playboy Mansion) according to Mansion Global. Evan bought each unit separately, one in 2012 for $10 million, and the second in 2015 for $17.5 million, according to property records.

He then merged the two and spent “months demolishing interior walls,” Mansion Global notes. But rather than finishing the project, he started to poke around for a buyer in March, asking $58 million.

The property is now officially on the market for nearly $10 million less than Metropoulos was seeking a few months ago, and it’s represented by Josh Altman and Matt Altman of Douglas Elliman. “This is, bar none, the best penthouse in all of Southern California, with 360-degree views of absolutely everything,” says Matt Altman.

The building itself is a large part of the allure. Completed in 1965, the Sierra Towers have been home to the stars, including Elton John, Lindsay Lohan, and Sandra Bullock, who recently offered her condo for rent at $22,000 a month.

High-end amenities include a fitness center, pool, 24/7 security and front desk staff, valet service, and secure parking.

This isn’t the first time an unfinished apartment in the tower has hit the market. Last year, ex-NBA star David Lee put up a three-unit spread for $22.5 million that the buyer would need to complete.

Even as rough space, the views, cachet, and background of the building may be enough to tempt a wealthy and privacy-seeking buyer in search of a L.A. pied-à-terre with bragging rights.

The post Unfinished ‘Mansion in the Sky’ in L.A. for $48.8M Is the Week’s Most Expensive Listing appeared first on Real Estate News & Insights | realtor.com®.

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