L.A. Mansion Market Faces Deadline and Tax Challenges.

The owner of a seven-bedroom, 11-bath mansion in Los Angeles is willing to accept $6 million less than what he paid for it less than two years ago to beat a looming new local mansion tax. If it doesn't sell by April 1, the property would be subject to the new tax, which could cost the owner a further $2 million. The mansion features a Kobe Bryant-themed basketball court, car showroom, and a 70-foot infinity pool. The new tax is on top of the city's current 0.45% transfer tax and is levied based on sale price, not profit.