Seven Bel Air Homes for Sale for $105 Million Total

A Bel Air property consisting of seven houses is heading to auction, but not before asking nine figures for the entire package.

The roughly 15.9-acre property, spanning nine parcels and seven homes across Lower Bel Air, will be marketed for $105 million ahead of a no-reserve auction next month, Mansion Global reported.

Kuwaiti billionaire Bassam Alghanim owns the property and has been piecing together the assemblage since 1979. After the death of his father, Yusuf Ahmed Alghanim, in 1992, Bassam Alghanim inherited a stake in his family’s company, Alghanim Industries, though he is not involved in its running. The Kuwait-based firm is one of the largest privately owned companies in the Persian Gulf, operating more than 30 business units, including selling General Motors vehicles. Bassam Alghanim had an estimated net worth of $1.4 billion in 2018, according to Mansion Global.

Dubbed “The Crown Bel Air” by Concierge Auctions, the property ranks as the second-largest residential offering on the market in Bel Air behind a larger 263-acre site being marketed for development. The property is anchored by two landmark estates on a cul-de-sac and has addresses at 991, 1000, 1005, 1031, 1037, 1111 and 1401 Bel Air Court. The properties surround the home of late music icon Quincy Jones at 1101 Bel Air Place, currently on the market for roughly $40 million.

Among the seven total properties is a 1960 Mediterranean-style mansion with botanical gardens, a guest house and an 11,000-square-foot main house, which was listed along with two of the other parcels in October for nearly $50 million. The other homes in the package include a midcentury home designed by architect Gus Duffy, another Mediterranean-style house dating back to the 1970s, a 2002-built home with a lagoon-style pool, a 1950s Cape Cod-style house and another 1950s home, which was the first of the bunch that Alghanim acquired.

Bidding on the property opens May 1 and closes May 13. The assets will first be offered individually, then as a full portfolio only if the top bid exceeds the sum of the individual parcel sales.— Chris Malone Méndez