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BROOKLYN (BLOOMBERG) – A 157.5-acre (157-acre) parcel of land overlooking Beverly Hills is officially listed for sale with a asking price of US $ 1 billion ($ 1.36 S). Offering 360-degree panoramic views from the mountains of San Gabriel to Malibu, the Pacific Ocean and downtown Los Angeles, potential buyers will contemplate Seth MacFarlane, Sylvester Stallone and Warren Beatty.
Renamed Mountain Beverly Hills, the property previously known as the Beverly Hills Vineyard is the highlight of the popular 90210 postal code. It occupies a ridge in the Beverly Crest neighborhood adjacent to Beverly Hills, with Studio City to the north and Bel Air in the west. So big is the prized piece of real estate that any Disneyland could fit in its limits and still have 57 acres to spare. The press material likens a visit to the site, accessible via Benedict Canyon, to a "god-like experience".
The bolded names attached to the property, whether they are previous owners or potential buyers, include Brad Pitt, Tom Cruise, Merv Griffin, founder of Herbalife Mark Hughes, and Princess Shams, elder sister of the deceased Shah of Iran.
"This is a special property, a trophy property," says Christine Hong, global luxury property specialist at Coldwell Banker in Beverly Hills. "Very unique and beautiful."
Demand in the region is high, says Hong, whose recent sales in the vicinity have reached US $ 3,500 per square foot; the Beverly Hills average is US $ 2,500 per square foot. The mountain includes six zoned and well-maintained lots on which the new owner can build up to 1.5 million square feet of house. Using the average price quoted above, the construction of such a structure or structure would cost nearly US $ 4 billion, in addition to the asking price of the land.
Recent additions to the market include the Chartwell Estate in Bel Air whose facade was used in the Beverly Hillbillies. At the asking price of $ 350 million, it is the most expensive house in the country; the mountain does not offer one.
Shams Pahlavi, the eldest sister of Iran's last shah, Mohammad Reza Pahlavi, acquired ownership of the summit in the late 1970s and planned to build a single estate. After the 1979 Iranian Revolution, which saw her brother overthrown and the Molotov cocktails thrown at his home in California by pro-Islamic protesters, the princess left the plateau fallow for a decade before media mogul Merv Griffin # 39; became owner in 1987. 19659002] Mr. Griffin had great plans to build a massive compound on the site. Under his ownership, approximately one million cubic yards of land were moved from the top of the site to a higher level, and the zoning was reworked to incorporate the six building lots. Griffin's interest in the project has diminished. In 1997, when he took possession of the Beverly Hilton Hotel, he sold the land to Herbalife founder and billionaire Mark Hughes.
million. Hughes paid US $ 8.5 million and planned to build a 45,000-square-foot house on the property. After his death in 2002, the land became part of his estate, held in trust for his eight-year-old son.
Hollywood royalty, including Brad Pitt and Tom Cruise, have since shown an interest in all or part of the estate, which has sometimes been used as an event space in recent years. But complicated lawsuits over the property have kept the property out of the market until now, with the estate being offered for sale by Secured Capital Partners LLC and listed by Aaron Kirman Partners.
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