- The Mountain, a 157-acre property at the highest peak in Beverly Hills, just got a massive $US350 million price chop, bringing its asking price down from $US1 billion to $US650 million.
- The property is big enough to fit the Disneylandand Disney California Adventure theme parks, with 1.5 million square feet of lots ready to be built upon.
- The buyer is likely to be a billionaire who wants to build their own compound, the listing agent said in a news release.
- Despite the huge price cut, the property is still the most expensive listing in LA, The Real Deal reports.
Up for sale: a 157-acre mountain at the highest peak in Beverly Hills towering over Los Angeles. And now, it could be yours for a whopping $US350 million discount, The Real Deal reports.
Originally listed for $US1 billion, the property now boasts a significantly diminished – but still, of course, significant – $US650 million price tag.
Expensive real estate may come as no surprise in the famous 90210 ZIP code. The original $US1 billion asking price set the record for Los Angeles’ most expensive listing ever, the Los Angeles Times reports, and no one in the world is publicly known to have paid that much for personal property, according to The New York Times. Even with the price cut, the property is still the most expensive listing in LA.
But the land itself is impressive. Located off Benedict Canyon, “The Mountain,” as it’s called, is big enough to fit the Disneyland and Disney California Adventure theme parks. Sold as one plot, it comprises 17 parcels of land, with 1.5 million square feet of lots zoned and ready to be built upon.
A news release from the public-relations firm The Society Group says estates and lots of this size are a rarity in Los Angeles.
But, as is common in Los Angeles, the property has an intriguing history, having passed through many famous and wealthy hands. According to the Los Angeles Times, it was once owned by an Iranian princess, the talk-show host and TV producer Merv Griffin, and a nutrition mogul, all of whom held the land but never built anything on it.
Who will soon be added to the list?
“Our likely buyer for this property is an individual who wants to build his or her own compound,” Aaron Kirman of Pacific Union, the listing agent, said in the news release.
While Kirman has already shown the property to a few billionaires – one who conceptualized it as a “Huntington Garden-style oasis,” he told the Los Angeles Times – he intends to use his estimated marketing budget of $US400,000 to $US1 million or more to fly around the world in search of more prospective buyers.
“There are 2,800 billionaires in the world,” Kirman told the Los Angeles Times. “We realised there are 100 of those that could and would want to buy the property.”
At 157 acres, the plot is “the size of a small city” that can fit all of Disneyland and still have 72 acres left. It’s the largest property and the highest point in all of Los Angeles, Ronald Richards of Secured Capital Partners, the current owner, said in the news release. As of February 21, the price of the lot was slashed from $US1 billion down to $US650 million.
Source: The Real Deal
The buyer will be able to build up to 1.5 million square feet of buildings across 17 parcels of land, with the nearest neighbour half a mile away. That’s enough room for a “soccer field, amphitheater, helipad, and polo field side by side,” the news release says.
They will also be able to build up to 53 feet high, which is 12 feet higher than usual in Los Angeles. That’s all the more height to soak in the endless views of Los Angeles, Orange County, Catalina Island, and Santa Monica (when it’s not trapped in smog). The plot is so elevated that no neighbouring trees obstruct the preserved view.
The Mountain is heavy in security, featuring a private stone aggregate road, a cobblestone drive, and a custom-designed security gate. More than 500 trees and 5,000 plants have been planted on the property already.
Millions of dollars have been spent on developing the property, including adding a sculpture court, a landscape lighting design, and a backup generator large enough to provide electricity to 300,000 square feet of buildings if there were a citywide power outage, the news release said.
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