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Priciest home in America sells for 62% off

A 38,000-square-foot Los Angeles home with an original price tag of $250 million has sold after three years on the market and multiple markdowns for around $94 million, the Wall Street Journal reports.

Why it matters: The Bel-Air home, dubbed "Billionaire," was purchased by entrepreneur Bruce Makowsky in 2017. In the three years since, "prices are facing pressure amid an oversupply of extremely expensive homes," per the WSJ. And despite some deals going through, many of which are thanks to overseas buyers, "the sales have only made a small dent in the glut of properties on the market."

Go deeper: The missing housing boom