J.P. Morgan partnership finds buyer for Bel Air parcel

One of three parcels of land in a Bel Air assemblage that was previously on the market for $150 million has been sold individually at a relative discount.

The property, located at 800 Tortuoso Way, across from Hotel Bel Air, went into contract with a last asking price of $30 million, according to Zillow. The seller is a partnership between luxury developer Domvs London and J.P. Morgan Chase subsidiary Junius Real Estate Partners. The buyer is unknown.

Hilton & Hyland’s David Kramer, one of the agents in the charge of the listing, declined to identify who bought the property.

The asset is a three-acre development site that was previously packaged with 780 and 788 Tortuoso Way. The three parcels, which together formed a 10.6-acre development site, was first listed in January of 2019.

The 800 Tortuoso Way parcel comes with plans for a “modern farmhouse” with designs from architect William Hefner. The site is planned for a home of 15,000 to 20,000 square feet, according to the listing. The parcel, along with other lots in the assemblage, have permits for mansions ranging in size from 40,000 to 50,000 square feet.

In January, the assemblage was divided and marketed separately.

“We felt it was much better to market it individually,” Kramer said at the time. “We just felt it reflected the current market.”

The total price for the package was also reduced to $110 million. The most expensive piece of the assemblage is 780 Tortuoso Way, a 4.6-acre parcel with an asking price of $47 million. Meanwhile, the parcel at 788 Tortuoso Way, which comes with plans for a mansion with a tennis court, comes with an asking price of $33 million. Both are still on the market.