Over a decade ago, Jeff Greene earned a fortune betting against risky mortgages in the last housing market crash. These days, the billionaire is finding himself less lucky in a different real-estate investment—an enormous Los Angeles mansion that he is having trouble selling amid an oversupply of such homes.
Mr. Greene said he is planning to once again relist the Beverly Hills home for $129 million, down from its original $195 million asking price when he first listed it in 2014. “This house has been a terrible deal for...
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