Los Angeles has long been the measuring stick for luxury real estate, and its current crop of $40 million-plus listings proves why. The city’s rarefied pockets of Bel-Air, Hollywood, Beverly Hills, and Pacific Palisades are home to some of the priciest real estate in the country, where even a $40 million budget can feel like an opening bid. Bel-Air alone holds two of the city’s most eye-popping...