The Real Deal New York

JPMorgan financing $115M mansions in L.A.: VIDEO

Three Bel Air estates are now available to the super-rich on an exclusive hillside

October 04, 2015 12:00PM

A rendering of the mega-mansion

A rendering of the mega-mansion

More than half a decade since the crash, banks are once again financing massive single-family homes and mega-mansions. A West Coast development team that includes the real estate investment arm of JPMorgan Chase is offering the super-rich the chance to build homes on an exclusive Los Angeles hillside starting at $115 million.

Junius Real Estate Partners, part of JPMorgan’s private bank, and developer Domvs London are planning to offer three estates on an 11-acre site near the Hotel Bel-Air, according to Bloomberg News. The first parcel will hit the market this week.

“There’s a shortage of trophy properties that are available for sale in this pocket of Los Angeles,” Barry Watts, president of Domvs London told Bloomberg. “You’ve got high-net-worth people who want to own multiple homes across the world, and Los Angeles offers something different. If you want to drive your convertible car 12 months a year, it’s a city where you can do that.”

Buyers at the site, dubbed the Park Bel Air, have the option of just buying the land — with all permits in place — for $45 million. Or, they can select a design from Domvs , which will construct a house ranging from 56,000 to 61,000 square feet. That will start at $115 million, according to Bloomberg.

[Bloomberg]Christopher Cameron