Sliced, diced, repriced: $40M chop above Hotel Bel Air
10.6-acre site on market as three individual parcels
A 10.6-acre development site overlooking the Hotel Bel Air is now being marketed as three separate parcels on offer at a steep collective discount, The Real Deal has learned.
The properties, with the addresses of 780, 788 and 800 Tortuoso Way, were previously the components of an assemblage that was listed for $150 million in 2019. It is owned by Domvs London and Junius Real Estate Partners, the real estate subsidiary of J.P. Morgan Chase. The package was previously marketed for sale as three lots together, each with permits for a mansion of up to 60,000 square feet.
The properties are now on the market as lots for individual sales, and each of the three are bundled with architectural plans for smaller homes.
“We felt it was much better to market it individually,” said David Kramer, one of the brokers in charge of the listing. “We just felt it reflected the current market.” Kramer is marketing the parcels with fellow Hilton & Hyland agent Barry Watts.
The total price for the assemblage has been reduced to $110 million. The most expensive piece out of the three lots is 780 Tortuoso Way, a 4.6-acre parcel with an asking price of $47 million. Next in terms of price is 788 Tortuoso Way, which comes with plans for a mansion with a tennis court. It is currently on the market for $33 million. The 800 Tortuoso Way parcel, meanwhile, has an asking price of $30 million.
According to Kramer, the plans for the lots, from architect William Heffner, originally called for large mansions ranging in size from from 40,000 to 50,000 square feet. The properties are now packaged with architectural plans for homes that are 20,000 to 25,000 square feet.
Kramer said that there has been a lot of interest for the individual lots, with one expected to go into contract over the next month. He said that one of the obstructions for getting contracts signed is the fact that some prospective buyers are considering possible alterations to the designs before lodging a bid.
“I’m hopeful this would be done soon,” Kramer said.
If a deal happens for the The Tortuoso Way lots, it would add to the list of high-priced residential development sites that have been sold in Los Angeles over the past few months. In November, an 18-acre Hollywood Hills property that was once partly owned by former First Lady Betty Ford went into contract asking $30 million. That same month, an 8.4-acre Bel Air site owned by Chinese film studio Huayi Brothers went into contract with an asking price of $35 million.