In Northern California, the opportunity to own a chunk of land spanning 110 acres — and potentially develop 43 single-family homes on it — has just come on the market for $110 million.
Yet anyone with enough cash to purchase the land must also have enough money — and willpower — to fight the local residents who are up in arms over the property.
The land, which is located at the tip of the Tiburon Peninsula about 17 miles from San Francisco, has been in the hands of the family of businessman John Reed for several decades, the Wall Street Journal reported.
The family had been preparing to possibly build 43 single-family homes on the property.
But a group of locals sued Marin County last year for approving an environmental review that would allow that to happen. Another group filed a suit in an attempt to open up some of the walking trails on the property to the public.
Both suits are still pending.
The situation might simmer down if the new buyer chooses to forego plans to build multiple homes, in favor of building one large home on the site, the president of a local resident group told the WSJ.
Zach Goldsmith and Jeff Hyland of Hilton & Hyland are sharing the listing with the Bullock & Sarkissian Team from Golden Gate Sotheby’s International Realty.
At $110 million, the property is among the more expensive parcels of undeveloped land on the market. In Los Angeles, a 120-acre spread owned by a trust linked to the late Microsoft co-founder Paul Allen recently hit the market asking $150 million. There’s also the Mountain of Beverly Hills, a 157-acre property on the market for $1 billion. [WSJ] — Natalie Hoberman