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

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

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
Drew Fenton with  1005 N. Alpine Dr (Redfin, Hilton & Hyland)
Beverly Hills estate The Peak put on market at $65M
Beverly Hills estate The Peak put on market at $65M
(Illustration by The Real Deal with Getty)
In Pasadena, houses of worship can build affordable housing
In Pasadena, houses of worship can build affordable housing
 Pasadena Councilman Tyron Hampton with 710 stub (City of Pasadena, Getty)
710 stub in Pasadena could take 10 years to develop
710 stub in Pasadena could take 10 years to develop
LVMH's Bernard Arnault, Beverly Hills mayor Lili Bosse and rendering of Cheval Blanc (Lili Bosse, LVHM, Peter Marino Architect, Getty)
Beverly Hills City Council approves Rodeo Drive hotel
Beverly Hills City Council approves Rodeo Drive hotel
Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Hudson Pacific Properties, Getty)
Google denies any construction delays at One Westside
Google denies any construction delays at One Westside
Whatnot's Logan Head and Grant Lafontaine with 410 Doheny Road (Whatnot Inc, Compass)
Whatnot tech bros pay $15M for Beverly Hills manse
Whatnot tech bros pay $15M for Beverly Hills manse
Irvine Company moves on 1,200-home development
Irvine Company moves on 1,200-home development
Irvine Company moves on 1,200-home development
Former Hilton & Hyland marketing chief Ed Leyson (Instagram, Getty)
Leyson denies he’ll exit Hilton & Hyland
Leyson denies he’ll exit Hilton & Hyland
arrow_forward_ios

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

Loading...