A 157-acre flat hilltop sitting high above Beverly Hills has had $350 million slashed from its selling price.
The undeveloped property is the most expensive listing in the history of Los Angeles with views stretching from the Pacific Ocean, Catalina Island and downtown LA.
The Mountain of Beverly Hills first went on sale last summer for $1 billion but there were no credible offers.
An undeveloped property sitting above Beverly Hills is on the market for $1billion
The property offers unrivaled views of Los Angeles and the Pacific Ocean
Previous owners include royals, Hollywood celebrities and moguls
The mountaintop was once owned by a sister of the late shah of Iran, the Princess Shams Pahlavi, who had planned to build a lavish palace there, left, the property was later acquired by talk show host-turned-TV-producer Merv Griffin, right
In 1997, Mark Hughes, pictured, acquired the property. Hughes also had plans to develop the property for himself however he diedin 2000 before any construction began
The property listing agent, Aaron Kirman, calls it ‘the crown jewel of Beverly Hills’ for billionaires with a plan to build a private paradise.
The $650million-dollar listing is the most expensive in the history of Los Angeles.
The current sellers are Secured Capital Partners LLC, who have reportedly received at least one offer according to the
In January, a developer offered to shell out $400 million for the six lots. The sellers countered at $600 million, but the bidder didn’t bite.
At Beverly Hills’ highest point, a 157-acre land parcel with a storied history is hit the market last summer with the highest price tag L.A. has ever seen at $1 billion – it is now $650 million
The listing agent, calls it ‘the crown jewel of Beverly Hills’ with the closest neighbour half-a-mile away
It is considered a ‘crown jewel’ with views of downtown LA and the Pacific Ocean
The massive land comes with its own history of wealthy owners from royals, to Hollywood celebrities and moguls who all had plans, albeit unsuccessful, to develop the property.
‘For that billionaire who wants that privacy on the highest peak of Beverly Hills, it’s a great opportunity,’ Kirman said.
So far, no one has come close to buying personal properly with that price tag.
The highest price ever paid for a home in the world is thought to be the $300million purchase of a property in France by a Saudi prince.
The grounds are divided into 17 parcels. Six of them, ranging from 2.5 acres to 12.2 acres, are zoned for residential development
The current owner is Secured Capital Property. Victor Franco Noval, son of philanthropist Victorino Noval, is listed as the manager of the LLC that owns Secured Capital Property
At 157 acres the plan alone is more than twice the size of Disneyland
The $650million-dollar listing is the most expensive in the history of Los Angeles
‘There are 2,200 billionaires in the world,’ Kirman said with the hopes at least one will be willing to invest and build. ‘We realized there are 100 of those that could and would want to buy the property.’
The property is nearly double the size of Disneyland and touts the best views in all of Los Angeles with a 360-degree lookout revealing everything from Downtown Los Angeles to the Pacific Ocean.
The mountaintop was once owned by Princess Shams Pahlavi, a sister of the late shah of Iran, who in the late 1970s had planned to construct a palace there that was never built.
It was later bought by talk show host and game show pro host Merv Griffin in 1987, who planned to create his own mansion.
An impressive set of gates guard the property keeping unwanted visitors away
It is unusual for such a high price tag to be placed on a property where nothing has been built
‘We’ll have a helipad, a couple of lakes and a palladio-style house, like those you see outside Venice, Italy but with a variation, because we’ll need lots of glass for the views,’ Griffin told
But when financial troubles hit, Griffin sold the property to Mark Hughes, the founder of Herbalife, for more than $8 million in 1997.
At the time, the deal was a record high in Southern California.
Real estate agent Jeff Hyland, who handled the sale, said the property is ‘one of a kind.’
‘There will never be anything else like it,’ he said of the massive estate.
The driveway looks to be the only thing so far that has been completed – and the rest will be up to whoever buys the plot
The land looks out to 360-degree views that show everything from Downtown Los Angeles to the Pacific Ocean
It takes a lot of sprinklers to keep the grass in this area so perfectly green
Hughes bought the property with plans to develop it, but died in 2000 before he could break ground.
Now the grounds with its famous 90210 Beverly Hills zip code is owned by Secured Capital Property.
The land is divided into 17 parcels with several of them zoned for residential development.
However, Kirman is adamant that one buyer will develop the land for individual use.
‘To be impressed by dirt is hard,’ Kirman admitted, but says he is looking at royal family from the Middle East, a Chinese billionaire or Russian oligarch as potential buyers.