Owners of The Mountain reject Scott Gillen’s $400M offer

Secured Capital Partners counters at $600M, 40% less than original ask of $1B

TRD LOS ANGELES /
Jan.January 18, 2019 03:00 PM
Scott Gillen and The Mountain of Beverly Hills (Credit:Jeff Newton and A Bird’s Eye) 

The never-ending saga of the 157 acres of undeveloped land in Beverly Hills Post Office that can’t seem to find an owner willing to build on it will carry on at least a little while longer.

The ownership group behind the so-called “Mountain of Beverly Hills” have rejected developer Scott Gillen’s $400 million offer to buy the property, TMZ reported. A spokesperson for Gillen confirmed the report to The Real Deal.

Instead, Secure Capital Partners, an entity controlled by the Victorino Noval family, countered at $600 million. That’s still $400 million less than their initial monstrous ask of $1 billion last summer — the highest ever for a Los Angeles listing.

“I saw an opportunity to expand my brand in the city, something I’ve wanted to do for some time,” Gillen told TMZ. “If they’re smart, they’ll take the offer.”

Gillen, a luxury home developer, wanted to build six homes on the massive property, which currently has six graded pads. He’s building a similar development in Malibu, where he broke records when he paid $50 million for a 24-acre spread of undeveloped land. The Unvarnished founder is building five homes on the property.

Aaron Kirman at Compass, who has the Mountain listing, did not respond to requests for comment.

Many brokers in L.A. have scoffed at the idea that the owners will get anywhere close to $1 billion for the property, and spec builders have turned away from the property because of its many challenges. The Mountain, which has nearly 25 acres of usable land, may be closer in value to $300 million, The Real Deal previously reported. [TMZ]Natalie Hoberman


Related Articles

arrow_forward_ios
Larry King and Shawn Southwick

Larry King is saying “so long” to Beverly Hills Flats mansion

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

The top five listings of the last seven days

Here are the priciest resi listings in LA County last week

Late Microsoft cofounder Paul G. Allen and the property (Credit: Redfin and Getty Images)

The late Paul Allen’s 120-acre plot of land in Beverly Hills gets a massive price chop. Sound familiar?

Bilgili Development’s Serdar Bilgili and Michael Shvo with a rendering of 9200 Wilshire Boulevard (credit: Getty Images and MVE Architects)

Michael Shvo and partners snag $190M construction loan for Beverly Hills condo project

Clockwise from top left: 1155 Angelo Drive, 1116 Laurel Way, 613 N. Sierra Drive, 32453 Pacific Coast Highway and 705 N. Arden Drive (Credit: Redfin)

Beverly Hills dominates list of top resi sales in LA County last week

Clockwise from top left: 12921 Marlboro Street, 22102 Pacific Coast Highway, 21536 Pacific Coast Highway, 820 N. Roxbury Drive and 334 S. Burlingame Avenue (Credit: Redfin)

Here are the priciest resi listings in LA County last week

arrow_forward_ios