After listing for sale last summer at $1 billion, a prime piece of land at Beverly Hills' highest point is now priced at about one-third less. Even so, it remains the steepest asking price in L.A. history.
In the Beverly Crest area of Los Angeles, a prime piece of land branded as the Mountain just got an avalanche of a price cut. After listing for sale last summer at $1 billion, the property is now offered for about one-third less: $650 million.
Real estate experts tout the property as the finest undeveloped parcel in L.A. — and perhaps deservedly so. At 157 acres, it’s about twice the size of Disneyland. It reigns over the city at Beverly Hills’ highest point, soaking in panoramic views from downtown to the Pacific Ocean to Catalina Island.
The price chop follows reports of a back-and-forth negotiation last month in which Malibu developer Scott Gillen offered $400 million and the seller, Secure Capital Partners, countered with $600 million.
The deal fizzled out from there, but Gillen’s offer was never seriously considered, according to people who wished to remain anonymous because they aren’t authorized to comment on the deal.
The Mountain, which counts entertainer Merv Griffin and an Iranian royal among its former owners, is divided into 17 parcels, six of which are zoned for residential development.
The plots could potentially hold a hyperexclusive enclave of high-end homes, but listing agent Aaron Kirman previously told the Los Angeles Times that he envisions a single buyer looking to erect a private kingdom.
When the acreage listed for $1 billion last year, it was the steepest asking price in L.A. history. At $650 million, it remains the most expensive.
Other stratospheric price tags include Paul Allen’s 120-acre undeveloped plot in Beverly Crest, which listed last year for $150 million. In 2017, handbag tycoon Bruce Makowsky sought $250 million for his four-story mega-mansion in Bel-Air but has since lowered the price to $150 million.
L.A. has seen some staggering sales in recent years, but no closing price even sniffs at what the Mountain is asking. Hotelier Peter Morton currently holds the record after selling his two-parcel compound on Malibu’s so-called Billionaires’ Beach for $110 million last spring.