It's estimated the mansion tax will bring about $670 million in revenue to Los Angeles.
If you are looking for a deal on a stately home in Los Angeles, you might be in luck as panic has set in for the rich and famous following a new mansion tax.
The mansion tax is predicted to cost the seller major money. For instance, if a home goes for the asking price of $16 million, the tax bill for the seller would be $900,000.
The city’s new mansion tax has prompted sellers to offer wild incentives like putting in a luxury car in the deal.
"They're picking their house and they're picking car for a one, two punch so it's a very exciting offer," Tatiana Derovanessian, CEO of Dreamliving, tells Inside Edition.
Derovanessian went to extremes to put the luxury vehicle in with the mansion because she was hoping the flashy car would have helped sell the property before LA’s new mansion tax went into effect last Saturday.
“Being hit with this mansion tax, it’s a huge, huge negative impact,” she says.
The mansion she has listed with the vehicle is also still on the market.
Actor Mark Wahlberg recently listed his mega-mansion for $87.5 million. When it didn't sell, he slashed $33 million off the price. He sold his home before the mansion tax went into effect and avoided a $3 million tax bill.
In Bel-Air, a listing of a $28 million mansion owned by celebrity plastic surgeon and “Botched” star Paul Nassif came with a $1 million bonus for any agent who got it sold before April 1. But there were no takers and it's still on the market.
It's estimated the mansion tax will bring about $670 million in revenue to Los Angeles.
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