Mansion madness: Los Angeles realtors in sell-off frenzy as wealth tax looms

A new law will impose extra tax on sales of more than $5m starting 1 April – and sellers are desperate to unload before the deadline

As the clock ticks down to the start of Los Angeles’ new “mansion tax”, the city’s real estate market is offering some deadline deals.

On Instagram, two high-end realtors touted a $1m bonus to any agent who helped sell a $28m Bel Air mansion by 1 April. Another 260-acre Bel Air property which went up for auction this month (starting price $39m) offered buyers a $2m credit if they were able to close the deal by 31 March.