Beverly Hills, CA

As the NHL season kicks off, Edmonton Oilers owner Daryl Katz is keenly focused on his team's pursuit of the coveted Stanley Cup. However, alongside his hockey ambitions, Katz is also facing a significant challenge in the real estate market. His grand estate in Beverly Hills, known as The Manor, has been struggling to find a buyer and has recently seen its price drop to $137.5 million after being on the market for nearly two years.

Constructed by the legendary TV producer Aaron Spelling and his wife, Candy, The Manor sprawls across 56,500 square feet, making it one of the most extravagant residences in the area. Originally listed at an eye-popping $165 million in February 2022, the price has experienced a series of drops, adjusting to $155 million in January 2023 before settling at the current listing.

Katz acquired The Manor in July 2019 for around $120 million. Even with the recent price reduction, the billionaire, whose net worth is estimated by Forbes at $5 billion, remains somewhat insulated from potential financial distress.

What Does $137.5 Million Buy You?

Located at 594 South Mapleton Drive in the desirable Holmby Hills neighborhood, The Manor boasts astonishing amenities that any ultra-high-net-worth buyer would find enticing. The home features a staggering 14 bedrooms, 27 bathrooms, several bars, a beauty salon, a fully-equipped gym, a wine cellar, and even an indoor pool alongside a sauna and a luxurious two-lane bowling alley.

Outside, an in-ground heated pool is complemented by multiple outdoor seating areas and meticulously designed gardens that overlook the stunning Beverly Hills skyline.

Celebrity Neighbors and Cultural Significance

Living in Holmby Hills means promising neighbors. Potential buyers might encounter music icons like Jay-Z and Beyoncé or Hollywood stars such as Leonardo DiCaprio and Jennifer Aniston. However, they won't have to worry about crossing paths with Sean "Diddy" Combs anytime soon, as his mansion was recently raided by U.S. Homeland Security in connection with serious allegations.

The property's history is steeped in fame; prior to the Spellings, it was owned by crooner Bing Crosby. The Spellings completed construction of The Manor in 1991, after five years and a $21 million outlay, and the estate has long been a topic of fascination in Los Angeles.

Katz's Other Real Estate Ventures

Daryl Katz's Real Estate ventures don't stop at The Manor. He is reportedly looking to sell other properties in the Los Angeles area. One plot he purchased for $34.5 million in 2015, which includes an unfinished mansion, was recently listed for under $30 million. Additionally, Katz bought another home that previously belonged to Arthur Marx for $9.1 million.

But perhaps the most notable purchase from Katz was the $120 million Malibu mansion he acquired in 2017, which set a record for the largest residential real estate transaction in Los Angeles history.

The Edmonton Connection

Though Katz's Los Angeles properties are the talk of the real estate circle, he continues to balance his lavish lifestyle with commitments back in Edmonton. His personal estate there, although not as extravagant as his California holdings, is considered one of the city's most luxurious homes, complete with an infinity pool and an outdoor hockey rink adorned with the Oilers' logo.

As the market shifts and the buzz around high-end real estate continues, Katz's attempts to find a buyer for his Beverly Hills mansion will likely remain a story to watch closely. Will the price drop entice a buyer, or is there more waiting for this billionaire in the winds of the L.A. real estate market? Stay tuned!