PV's Priciest Homes: 5500 Palos Verdes Drive South

The $9.9 million, 6,000-square-foot home at 5500 Palos Verdes Drive South in Rancho Palos Verdes has only been on the market for a week, according to the listing on AOL Real Estate.

"This classic Mediterranean Estate with storied front gates is an inviting reminder of times past," writes real estate agent Rick Edler on the property's Zillow listing. "Originally built in 1929, this estate features a grand driveway inviting your guests to enjoy the grounds and immerse themselves in true luxury lifestyle."

The house itself features four bedrooms, four bathrooms, a large living room and an "old California charm kitchen with breakfast area," as well as unobstructed views of the ocean, canyon and city lights.

The 89,900-square-foot lot features separate living quarters with two bedrooms, a pool and spa and a five-car garage.

The home, originally built in 1929, was last sold in April of 1992 for only $750,000.

The property is represented by Edler and brokered by Peninsula Sotheby's International Realty. For more information, view the listing on AOL Real Estate.

This is article is part of an ongoing series profiling some of the most expensive property on the Palos Verdes Peninsula as determined by AOL Real Estate. Want to be notified every time we post a new article in this series? Click the "Keep me posted" button in the box below.