video Josh Altman remembers when Dr. Paul Nassif first showed him ‘renderings’ of his Bel Air mansion
“Botched” star Dr. Paul Nassif’s Bel Air estate is about 12,130 square feet with seven bedrooms and 14 bathrooms.
"Million Dollar Listing Los Angeles" star Josh Altman is taking on the listing of a lifetime.
The reality television personality spoke to FOX Business about "Botched" star Dr. Paul Nassif's $27.9 million home that Altman and his co-agents have listed. This listing is unlike any other because there is a million-dollar bonus for the buyer's agent who sells the home before April 1, when the Los Angeles mansion tax takes effect.
"This was the result of us thinking outside the box in the current market that we're in right now," Altman told FOX Business about the unique million-dollar bonus. "We were trying to think of a way to motivate the agent community to bring their buyers through."
Josh Altman spoke to FOX Business about Dr. Paul Nassif’s $27.9 million listing. (Jade Mills/Getty Images / Fox News)
The Bel Air estate is about 12,130 square feet, with seven bedrooms and 14 bathrooms and sits on about 1.3 acres of private property.
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There is an indoor atrium and water wall, a lounge bar, 12-seat theater and a wine room. Plus, an indoor-outdoor gym is also featured on the grounds.
video ‘Million Dollar Listing’ star Josh Altman on the current state of luxury real estate
Josh Altman spoke to FOX Business about the luxury real estate market and the impact of the new ‘mansion tax’ in Los Angeles.
Nassif's home also has a 73-foot infinity style pool that has views that extend from Bel Air to the Pacific Ocean.
Multilevel infinity pools are featured on the grounds of the property. (Jade Mills / Fox News)
The multilevel mega home has a two-car garage, private balcony off the master suite and a dual chef's kitchen and pantry.
Paul Nassif’s house in Bel Air. (Jade Mills / Fox News) Indoor-outdoor view of the entertainment area at Paul Nassif’s home. (Jade Mills / Fox News)
Speaking on whether the home will sell for the $27.9 million asking price, Altman shared that he believes the home will sell for over $26.8 million. "I'm a bit of a bettor. That's what I would bet," he said.
video ‘Million Dollar Listing’ star Josh Altman on Dr. Paul Nassif’s home
‘Botched’ star Dr. Paul Nassif listed his Bel Air, California, home for $27.9 million.
"We typically sell about $4 million every day of the year. The market now has definitely slowed a little bit. However, a trophy is the trophy. I don't care at the end of the day what the market's like. If you want the best of the best, and you have the money to afford it. … What we've seen in the past 20 years is that it's going to sell because, look, a lot of people, they're out there, they're working hard. They're making their money. And if they like something, they're going to buy it."
The wine room in the multimillion-dollar home. (Jade Mills / Fox News) Paul Nassif’s Bel Air home has a private gate entrance. (Jade Mills / Fox News)
In Altman's interview with FOX Business, the real estate mogul noted that the luxury market has "slowed" down a bit but noted that things are looking up.
"It's an interesting market out there right now," Altman said.
Paul Nassif’s home is listed for $27.9 million. (Jade Mills / Fox News) The home features an indoor-outdoor gym. (Jade Mills / Fox News)
"The last three weeks had picked up. Before that, the previous two to three months — it was actually really quiet the end of the year. So, now everything's starting to look good again. There's a couple of things that are coming into play right now, which is the new ULA [United to House LA] tax that's coming into effect on April 1, which is called the mansion tax."
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He explained the "mansion tax" puts a 4% tax on deals for homes above $5 million, and the rate increases to 5.5 % on deals above $10 million. This could lead to a bit of a struggle for real estate agents looking to sell multimillion homes in Los Angeles in the future.
"That's really driving the market right now," Altman added.
In 2022, Los Angeles voters headed to the polls to vote on the "mansion tax" on property sales or transfers over a certain value to pay for affordable housing. At least 92% of the money would "fund affordable housing under the Affordable Housing Program and tenant assistance programs under the Homeless Prevention Program," according to the voter information pamphlet.
The home has two full-size kitchens. (Jade Mills / Fox News) A 12-seat theater is located within the home. (Jade Mills / Fox News)
Altman described Nassif as "amazing."
"He's a super savvy businessman," he added of the plastic surgeon.
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The home, situated on Stradella Road in Los Angeles, took Nassif over five years to build, plus the planning. Altman said this property was not "thrown together," which makes it "the best of the best."
The home is co-listed by Jade Mills, Josh and Matt Altman, Tomer Fridman and Mauricio Umansky.
FOX Business' Aislinn Murphy contributed to this report
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