The Real Deal Los Angeles

Plot in Bel Air’s tony Siena Way enclave asks $47.9M

Entity affiliated with billionaire Tom Gores is seller

May 04, 2016 10:30AM
By Katherine Clarke

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Tom Gores of Platinum Equity

A plot of land in one of Bel Air’s most exclusive enclaves has come on the market for $47.9 million, The Real Deal has learned.

The two contiguous lots, at 671 and 673 Siena Way, are owned by an entity affiliated with billionaire businessman Tom Gores of Platinum Equity, a private equity firm based in Beverly Hills.

The Gores entity acquired the properties over two years beginning in 2008 for what appears to be a whopping $56 million, so a prospective sale would actually represent a significant loss for the mogul, who listed it for $50 million in 2014. One of the sites had been home to a massive mansion once owned by Verna Harrah, the widow of casino magnate Bill Harrah.

The property is one of the top three most expensive single-family home sites currently available for sale in L.A. County.

Christine Martin of the Agency, who has the exclusive listing, was not immediately available for comment.

The property is positioned just above the Bel Air Country Club and is primed for the development of a new home, with 3.2 graded acres of land, retaining walls, and a pre-built large underground structure with a 15-car garage.

It wasn’t clear if Gore had begun developing the site for himself before calling it quits.