Kylie Jenner picks up dev site in Hidden Hills for $15M
The property was once home to a mansion built by ponzi schemer Robert Shapiro’s company
Kylie Jenner is on a Los Angeles real estate buying spree.
The celebrity has purchased her second Los Angeles property in the last two weeks, grabbing a five-acre development site in Hidden Hills for $15 million.
The Hidden Hills spread is mostly flat and completely vacant, according to TMZ. The most recent owner demolished a more-or-less brand new five-bedroom ranch there sometime after 2018 and never built anything in its place.
What happened with the property before that is more interesting. The ultimately demolished home was built by the now-infamous Ponzi scheme-perpetrating firm Woodbridge Group of Companies.
Woodbridge scooped up numerous pricey L.A. properties before the feds came calling in 2017 and sometimes built new homes on them.
Singer Miley Cyrus bought the property, Woodbridge-developed home and all, in 2015 for $5 million. The ranch included a 10-stall barn with a riding ring for her horses.
Three years later in 2018, Cyrus sold the property for the same price she paid for it.
Jenner’s purchase comes a little over a week after news broke that the billionaire 22-year-old paid $36.5 million for a Holmby Hills spec home built by Gala Asher.
Jenner got a deal on it — the so-called “modern fortress” in the hills hit the market less than a year ago asking $55 million.
She’s built up a sizable portfolio of real estate, mostly around Southern California, and regularly flips properties. She sold one of her other Hidden Hills properties for a modest gain in 2018.
A month later she and rapper Travis Scott picked up a mansion in Beverly Hills Post Office for $13.5 million. [TMZ] — Dennis Lynch