The Real Deal Los Angeles

Developer Robert Quigg seeks $11.5M return on site of razed Wallace Neff home in Bel Air

He bought the estate for $14.5M, tore it down and listed land for $26M
November 23, 2016 05:00PM

Bob Newhart (Getty) and the plot on Amapola Lane (Coldwell Banker)

Bob Newhart (Getty) and the plot on Amapola Lane (Coldwell Banker)

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