Microsoft co-founder Paul Allen lists undeveloped site in Beverly Hills for $150M

The billionaire first bought the land for about $20M in late 1990s

Los Angeles /
Jul.July 10, 2018 04:00 PM
Paul Allen, the billionaire co-founder of Microsoft (Credit: Pexels)

In Beverly Hills, where supply is tight and home prices are soaring, a massive swath of land just hit the market for an equally massive asking price.

Paul Allen, the billionaire co-founder of Microsoft, wants $150 million for a 120-acre site, the Wall Street Journal reported. That’s seven-and-a-half times the amount the billionaire paid for the land back in the 1990s.

The property, nicknamed “The Enchanted Hill” by former neighbor and silent film star Greta Garbo, is comprised of five flat lots. There’s not much else on the undeveloped land, besides sweeping views of the city and a 1-mile private street entryway.

Allen purchased the property with the intention of building a residence on the grounds, listing agent Zach Goldsmith told WSJ. In the process, he demolished a 20-bedroom mansion designed by architect Wallace Neff. The home, built by the late screenwriter Frances Marion and her husband, movie star Fred Thompson in the 1920s, also featured a tennis court and 70,000-gallon swimming pool.

Goldsmith shares the listing with Jeff Hyland, Rick Hilton and Jesse Lally, also at Hilton & Hyland.

The tech executive paid $20 million for the property in the 1990s.

Allen co-founded software giant Microsoft alongside Bill Gates in 1975. He’s now the owner of the NBA’s Portland Trail Blazers, the NFL’s Seattle Seahawks and owns a stake in the Seattle Sounders soccer team. He has a net worth of $20.1 billion, according to Forbes. [WSJ] — Natalie Hoberman


Related Articles

arrow_forward_ios
Pink and husband Carey Hart with their Malibu house (Getty, The Agency Real Estate)
Pink knew: Pop star returns to Malibu with $14M purchase
Pink knew: Pop star returns to Malibu with $14M purchase
Jeffree Star and his Hidden Hills home (Compass, Getty)
Makeup mogul Jeffree Star lists 20K sf mansion
Makeup mogul Jeffree Star lists 20K sf mansion
Kevin Hard and his new Calabasas house (Getty, The Shevins / Berkshire Hathaway)
Kevin Hart buys his neighbor’s house in Calabasas for $7M
Kevin Hart buys his neighbor’s house in Calabasas for $7M
Adele and Nicole Richie (Getty, Google Maps)
Hello, from Beverly Hills: Adele buys Nicole Richie’s home
Hello, from Beverly Hills: Adele buys Nicole Richie’s home
Yo Gotti (Getty) with Candlecrest Drive home. (Redfin)
Rapper Yo Gotti pays $8M for Westlake Village mansion
Rapper Yo Gotti pays $8M for Westlake Village mansion
Megan Fox and Machine Gun Kelly (Getty)
Megan Fox, Machine Gun Kelly take $30K a month rental
Megan Fox, Machine Gun Kelly take $30K a month rental
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Sumner Redstone (Getty) with 31 Beverly Park Terrace (Redfin)
Sumner Redstone’s Beverly Park estate flies off market for $27M
Sumner Redstone’s Beverly Park estate flies off market for $27M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...