In Bel Air, a plot of dirt spanning 258 acres gets 40% price chop

The property is on the market for $75M, down from $125M
June 06, 2019 02:00PM

Brokers Scott Tamkin, Melinda Tamkin, and a rendering of Senderos Canyon

Brokers Scott Tamkin, Melinda Tamkin, and a rendering of Senderos Canyon

As the luxury real estate community was whispering about the record-breaking ask on the Mountain of Beverly Hills, the seller of another swath of undeveloped land was gearing up to market his crown jewel atop Bel Air. But at a much more feasible price.

Senderos Canyon — which spans a whopping 258 acres — has been relisted for $75 million, down from its original $125 million ask in 2013, Bloomberg reported. That translates to about $291,000 per acre.

The property was taken off the market three years after first listing. Its brokers, Scott and Melinda Tamkin of Compass, told Bloomberg that there were no real offers at the time because the pricing was unrealistic.

Unlike some of the other land-only listings circling the market, Senderos Canyon comes with zero entitlements. It would take any buyer years to secure permits to build anything on the property, which encompasses three separate assessed parcels.

Building a large compound, or many McMansions, might also be more difficult now that Bel Air has passed laws cracking down on the sprawling properties. The wealthy city passed its own stricter version of the Baseline Mansionization Ordinance in 2017, limiting the amount of dirt that could be removed from a property to 6,000 cubic yards. For comparison, developer Nile Niami’s 100,000-square-foot home dubbed “The One” removed about 47,000 cubic yards from the hillside.

Nearby, the sellers of The Mountain have been struggling to sell its 157 acres of prime Beverly Hills dirt. After listing it at $1 billion, the owners chopped another $350 million six months later. They have since filed for bankruptcy protection, making any potential sale even more of a challenge. [Bloomberg]Natalie Hoberman