Rich Los Angeles homeowners rent mansions for up to $150,000 per month amid turmoil

(ZEROHEDGE) – Wealthy Los Angeles homeowners are having a tough time selling amid a new tax on luxury sales, and turmoil in the entertainment industry. Rather than unloading their mansions in a sluggish market, many homeowners have resorted to renting them out, Bloomberg reports. Rob DeSantis, a serial entrepreneur who cofounded Ariba and was an…

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(ZEROHEDGE) – Wealthy Los Angeles homeowners are having a tough time selling amid a new tax on luxury sales, and turmoil in the entertainment industry. Rather than unloading their mansions in a sluggish market, many homeowners have resorted to renting them out, Bloomberg reports.

Rob DeSantis, a serial entrepreneur who cofounded Ariba and was an early investor in LinkedIn Corp, is a prime example of this trend. He recently placed his 13,000 sqft Manhattan Beach estate on the rental market for $150,000 per month. "This is a hedge," DeSantis said. "I believe leasing it out will highlight the value of the property in a much better way."

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The broader Los Angeles area is not immune to the downturn affecting the U.S. housing market. Sales have plummeted, with luxury homes lingering on the market for double the time compared to average properties. The new "mansion tax," targeting properties over $5 million, has further complicated matters for sellers.

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The post Rich Los Angeles homeowners rent mansions for up to $150,000 per month amid turmoil appeared first on WND.