The average yearly property tax bill for a single-family home in Los Angeles County is around $5,600. However, there are 12 homes in Los Angeles that pay more than $1 million a year in property taxes. Today, we’re talking about the $100 million Holmby Hills mansion of Detroit Pistons owner Tom Gores. Gores bought his 10 bedroom, 20 bathrooms, 30,000 square foot mansion on 3.2 acres in 2016 for $100 million. The master bedroom suite of the home is 5,300 square feet – that’s roughly twice the size of the average home in the U.S. The property has three swimming pools, two of which are infinity pools. His property tax bill is $1.22 million annually.
The home was a spec mansion built on the grounds of Barbra Streisand’s former “Mon Rêve” estate. It was developed by Gala Asher, who bought the property as a vacant lot in 2014 for $13.25 million. Completed in the spring of 2016, the home was listed for $150 million. The home has a wine room and theatre with a separate entrance for guests. A spa area features an indoor water wall that flows into a lap pool. The property has a hair salon, manicure/pedicure area, as well as steam and massage rooms. The exterior of the property features its own hiking trail. There’s parking for more than 50 cars as well as a 10-car garage. Israel-born Tom Gores moved to the U.S. at age five. He made his money through private equity investments. Not sexy, but effective. He is the founder of Platinum Equity, a global private equity firm headquartered in Beverly Hills. He purchased a majority stake in the Pistons for $325 million in 2011. In 2018, he bought out the remaining shares. He has a net worth of $2.9 billion.
