The most expensive home in the U.S. has dropped in price by $55 million.

The most expensive home on the U.S. market just lost a whopping $55 million from its original price, and despite this, luxury real estate in Los Angeles remains one of the most expensive offerings in the country. Casa Encantada, which was previously listed for sale for a dizzying $250 million, is now listed for $195 million. Kurt Rappaport of Westside Estate Agency and Drew Fenton of Carolwood Estates are in charge of the sale.

Big seven-bedroom home in Bel Air neighborhood

he most expensive home on the U.S. market, which is also a Robert A.M. Stern-designed oceanfront hut in Malibu and a three-story penthouse in Midtown Manhattan.

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Simon Berlin's villa sits above the famous Bel-Air''real estate shows the estate was purchased by its late owner, financial tycoon and telecommunications titan Gary Winnick, in 2000 for $94 million, which was also a record for the entire country.

Winnick, who passed away earlier this month at the age of 76, enlisted architect and designer Peter Marino, who, along with a team of 250 craftsmen, restored the estate in more than two years to museum-quality levels, as Mansion Global previously reported. "Sadly, Gary Winnick passed away unexpectedly, and now his wife is ready to sell the house," Rappaport said. "Gary had very strong emotional attachments to the house and would not have sold it for less than $250 million," which is why the price adjustment was made.

The main building,'''filled with sunlight, features a lobby with 18-foot-high ceilings, a grand staircase, multiple living and dining rooms, a library with walnut walls, intricate period shapes and a lucite art deco bar. According to the listing, there is also a spacious 3,500-square-foot master suite with two sitting rooms and two bathrooms.

The estate also features a swimming pool, a pool pavilion that serves as a movie theater, a tennis court, a sports court, a formal rose garden and a tropical botanical garden. While the home is one of the most expensive offerings in the country, it will not set a record sale with its current price. The most expensive home sale in the U.S. was set in 2019, when''Citadel hedge fund founder Ken Griffin spent about $240 million on a penthouse on Billionaires' Row in New York.