The Wall Street Journal says Los Angeles faces a glut of mansions built on spec and priced above $20 million. About 50 such houses are currently for sale, and there isn’t enough dumb money around to buy them all, so sellers are having to resort to both price cuts and absurd marketing techniques, such as open houses that are also literary Heaven-and-Hell theme parties with camels, or package deals that include items like Andy Warhol’s Rolls-Royce along with a house.
The article also describes an obligatory Great Gatsby–themed open house, where potential buyers were encouraged to imagine the Gatsby-like role they could play if they bought and threw parties in a $35.5 million spec home in Bel Air. Hopefully, they had never read the novel.
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