Saudi royal shops $85M Beverly Hills compound as redevelopment opportunity

A second-generation member of Saudi Arabia’s ruling family is seeking a buyer for his 6.7-acre compound in Beverly Hills, the Wall Street Journal reported. He is asking $85 million for the property, which is being shopped off market.

Marketing materials suggest three mansions — that each span 30,000 square feet — could be built on the site.

A 1961-built home, equipped with three bedrooms and four bathrooms, is currently on the land. The gated estate, located on Ridgecrest Drive, overlooks the Pacific Ocean and Downtown Los Angeles.

Joyce Rey of Coldwell Banker Previews International has the listing.

Ridgecrest Holdings has owned the property since 1996, records show. Sources familiar with the deal confirmed to the Journal that a member of Saudi Arabia’s ruling family, the House of Saud, is connected to the holding company. [WSJ] – Natalie Hoberman