In the age of the spec home, land value often trumps home value.
At least that is what developer Robert Quigg is betting on. The luxury builder listed a vacant lot on Amapola Lane in Bel Air for $25.95 million.
Through an LLC registered in his name, he bought a house on the site from comedian Bob Newhart earlier this year for $14.5 million, records show. Then he promptly razed the 9,000-square-foot estate, designed by Wallace Neff.
Now he is seeking an $11.5 million profit for the East Gate-area plot, which is surrounded by more than an acre of grounds, according to the Los Angeles Times.
Gardens, a lagoon-style pool and outdoor entertaining areas were also removed when the house was torn down.
Michael Sahakian of Coldwell Banker is the listing agent. [LAT] — Hannah Miet