An historic Los Angeles skyscraper sold at a steep discount in the final hours before the city's new 'mansion tax' kicks in, as sellers race to beat the deadline and seek ways to avoid the tax once it takes effect.Known as Measure ULA, the tax takes effect on April 1, and will charge sellers a new 4 percent tax on property transfers above $5million, and 5.5 percent on sales above $10million, on top of a base rate of 0.45 percent for all home sales.On Wednesday, Waterbridge Capital closed a $111million deal to purchase the 40-story Union Bank Plaza in downtown , which had been estimated to go for $250million when sales talks began two years ago, according to .
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