Billionaire Jeff Greene has taken his Beverly Hills estate, once listed for $195 million, off the market.
After failing to attract a buyer, even after slashing the price by $46 million, the real estate magnate has a new plan: Turn part of the trophy property into an organic farm.
Greene told CNBC on Thursday that Palazzo di Amore, his 25-acre estate and mega-mansion perched atop Beverly Hills, is no longer for sale. The property was listed last year for $195 million, but in September, Greene cut the price to $149 million, saying he was "very motivated to sell."
Turns out, he was even more motivated to become a billionaire farmer. Greene said that while he may still consider attractive offers for the property, he plans to turn at least two acres into an organic farm.