Jeff Bezos pulls out of $90M deal for LA’s “Enchanted Hill” property

The CEO of Amazon was in talks to buy the property as of February

TRD LOS ANGELES /
Mar.March 31, 2020 09:00 AM
Jeff Bezos and the Enchanted Hill property (Credit: Arif Hudaverdi Yaman/Anadolu Agency via Getty Images)

Jeff Bezos and the Enchanted Hill property (Credit: Arif Hudaverdi Yaman/Anadolu Agency via Getty Images)

In this time of crisis and economic turmoil, even the world’s richest man seems to be cutting back on expensive purchases.

Amazon CEO Jeff Bezos has pulled out of a deal to buy the late Paul Allen’s 120-acre “Enchanted Hill” property in Beverly Crest, according to the Los Angeles Times. Bezos and the managers of Allen’s estate were reportedly close to a $90 million deal for the semi-developed property last month.

News of the supposedly imminent deal came shortly after Bezos paid a record $165 million for David Geffen’s massive Beverly Hills estate.

That means the Enchanted Hill is back on the market, asking $110 million. Four Hilton & Hyland agents are on the listing, including co-owners Jeff Hyland and Rick Hilton.

Allen listed the property for $150 million in mid-2018, just a couple months before he died of complications related to cancer.

Allen himself picked up the Enchanted Hill for $20 million in 1997. It was just one property in a large portfolio that included nearly a dozen mansions near Seattle, a handful of properties in L.A., and at least two properties in New York. The price was cut to $110 million in October.

No word on what Bezos plans to do with the extra $90 million burning a hole in his pocket, but some of his Amazon employees probably have some ideas. Workers at some of the company’s New York-area facilities are planning to walk out in protest of what they call unsafe conditions related to the coronavirus pandemic. They want Amazon to pay them while the company sanitizes their facilities. [LAT]Dennis Lynch

 

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