Vacant lot in neighborhood of mansions lists for $28M

A month after an undeveloped piece of land sold for $28 million in Beverly Hills, an empty, flat piece of land located a short distance down the street has gone on the market in the same price range.

The new listing, 74 Beverly Park Lane, listed for nearly $24 million on Oct. 6. The vacant lot comprises less than 2 acres. Listing agent David Kramer of Hilton & Hyland wrote that it is one of the few undeveloped parcels in an enclave where celebrities such as Adele recently bought Sylvester Stallone’s $58 million mansion. Billionaire Alec Gores built a custom home in the neighborhood, which he sold for $70 million this year, Kramer added.

“There have been custom homes built. But there has been no new spec home in Beverly Park for years,” he said.

Timing will be everything for the success of a sale for 74 Beverly Park Lane, said Stephen Shapiro, co-founder of Westside Estate Agency, a prominent boutique real estate agency that specializes in higher-end and ultra-luxe listings. He is familiar with the area, but not involved with this particular property.

“If you say, ‘Here’s a lot with a brand new house on it,’ this may be a problematic market,” Shapiro said of the slowing economy. “If you’re buying this lot and have to go through architectural, permitting and then construction, then it’s going to be three years until the house is completed. So you can be encouraged that the market will come back in a few years. It always comes back and it comes back higher than before,” Shapiro said.

The listing’s owner is a group named Vista 4 LLC. A grant deed signed in August 2022 listed Todd De Mann as the managing partner and development director. De Mann is chief executive of Paradigm Developers, which has worked on other projects in Beverly Park.

Kramer said that De Mann’s Paradigm Developers is working on 74 Beverly Park Lane, as well as nearby 73 Beverly Park Lane. The lots were formerly connected to what is now 76 Beverly Park Lane, which sold for about $17 million in 2011.

The three lots were owned by a member of the Saudi royal family. The former owner used the lots as a vacation home. Kramer said that 73 Beverly Park Lane is scheduled to come on the market in 2023.

Last Month, the vacant lot at 57 North Beverly in Beverly Hills sold for $28 million to an undisclosed buyer.