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Here’s Why Mansions Are Selling At Bargain Prices In LA This Week

Wealthy home owners in Los Angeles County are trying to unload their high priced mansions at bargain basement prices.

The New York Times reports these millionaires are attempting to unload expensive homes before a new real estate tax on rich sellers takes effect on April 1st.

The so-called "Mansion Tax" imposes a 4% tax on property sales more the $5 million and a 5.5% tax on properties more than $10 million.

Real estate brokers are scrambling to find sellers a great deals to buyers, and buyers offering to close their deals before March 31st as leverage.

Mansion at Dawn

Photo: Getty Images


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