The $1B listing “that may be the end of real estate”

The undeveloped 157-acre property is located at the highest point in Beverly Hills

TRD LOS ANGELES /
Jul.July 29, 2018 06:05 AM
(Credit: Pixabay, Max Pixel)

The Mountain of Beverly Hills is a property of superlatives: the highest point in the 90210 zip code, the most expensive listing in Los Angeles’ history and, perhaps, the most over-priced.

With its $1 billion price tag, the question is whether or not it will actually sell at a price even in the ballpark of what its seller is asking.

“It will set the world on fire if it sells for a billion,” Hall & Hall’s Tim Murphy, a specialist in large ranch and farm properties, told the Los Angeles Times. “That may be the end of real estate.”

Listing agent Aaron Kirman of Pacific Union Real Estate acknowledges the challenge–“To be impressed by dirt is hard,” as he told the New York Times–but he’s meeting it head-on with color-coded spreadsheets of the billionaires he’s targeting and a nebulous marketing budget of $400,000 to $1 million (or more).

Though the property is divided into 17 parcels that could be sold off individually or, in theory, built up and then individually sold by a developer, Kirman is targeting one ultra-wealthy buyer.

“There are 2,800 billionaires in the world,” he told the LA Times. “We realized there are 100 of those that could and would want to buy the property.”

So far, Kirman’s been in touch with five billionaires and is planning to make trips to London, Qatar, Russia and China to meet with others.

Meanwhile, back on the Mountain, he’s got plans to construct an all-glass cube where he can host would-be buyers and he’s looking into ways to allow interested billionaires to stay on the property for a night or two.

The property, formerly known as Vineyard Beverly Hills, has changed hands many times without any of the grand plans of its former owners being realized. The current owner is Secured Capital Property, an LLC managed by Victorino Noval’s son, Victor Franco Noval. [LAT] — Erin Hudson


Related Articles

arrow_forward_ios
Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

Domvs London co-founder Barry Watts and 800 Tortuoso Way (Credit: Linkedin, Dougas Elliman)

Developer lists a third of Park Bel Air for reduced price of $45M

Steve Martin and the home

Buy this Beverly Hills home and be neighbors with a “Wild and Crazy Guy”

David Whitmire Hearst and the home in BHPO

William Randolph Hearst’s son lived here: Beverly Hills Post Office manse lists

arrow_forward_ios