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A 157-acre, virtually undeveloped parcel of land overlooking Beverly Hills is officially on sale for a record $ 1 billion. Offering 360 degree panoramic views from the San Gabriel Mountains to Malibu, the Pacific Ocean and Downtown Los Angeles, potential buyers will admire Seth MacFarlane, Sylvester Stallone and Warren Beatty
. Beverly Hills, the property previously known as Beverly Hills Vineyard is the highest point in 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 to l & # 39; 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".
Photographer: Beth Coller
Bold names attached to the property, whether they are past or future owners Among the buyers include Brad Pitt, Tom Cruise, Merv Griffin, the founder of Herbalife, Mark Hughes, and the Princess Shams, older sister of the late 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 $ 3,500 per square foot; the Beverly Hills average is currently $ 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, building such a structure or structure would cost nearly $ 4 billion, in addition to the asking price of the land.
Photographer: Beth Coller
Recent additions to the market include the Chartwell Estate at Bel Air, the facade of which was used in The Beverly Hillbillies . At the asking price of $ 350 million, it is currently 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; become owner in 1987. 19659010] Photographer: Beth Coller
Griffin had great plans to build a massive enclosure on the site. Under his ownership, about 1 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 founder and billionaire Herbalife, Mark Hughes.
Hughes paid $ 8.5 million and planned to build a 45,000 square foot home on the land. 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 the complicated lawsuits on the property have kept the property of the market up to now, with the estate being offered for sale by Secured Capital Partners LLC and listed by Aaron Kirman Partners.
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