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Discover Los Angeles’ Most Expensive Property Ever – It’s $1B!Saturday 25 August 2018
Discover Los Angeles’ Most Expensive Property Ever – It’s $1B! ⇒ Here are CovetED, we love to share with you everything surrounding the luxury world. Today, we bring you L.A.’s first $1 billion residential listing that has hit the market, now being considered the most expensive property ever! But the twist is that it doesn’t even include a house.
The most expensive property ever listed in Los Angeles doesn’t include a house. Instead, the 157-acre, sprawling land accessed by a winding road just close to Rodeo Drive comes with a nearly endless supply of bragging rights. Located on the highest peak in Beverly Hills, The Mountain, as it’s been named, offers a developer’s dream of lots of flat land with 360-degree ocean-to-skyscraper views. It even sports L.A.’s most famous zip code, 90210. But when it comes to standing out from the competition, nothing can compare with its price tag: $1 billion.
Far from deterring buyers, the ten-figure price has inspired a stream of potential buyers. “In the past two weeks, I’ve taken 50 calls. Ten of them were qualified,” says listing agent Aaron Kirman of Pacific Union Real Estate, adding that “although it’s zoned for six houses, most of the people we take are looking for a place of their own. They want to do a compound with multiple structures, multiple pools, gardens, gyms, and guesthouses.” One potential buyer envisioned adding a zoo; another, an amphitheatre.
The Mountain is the latest to join L.A.’s great race of incredible real estate excess. Nearby, developer Nile Niami is finishing what was expected to be L.A.’s highest-priced listing before The Mountain came to market. Called The One, the 100,000-square-foot “giga-mansion” includes a 5,000-square-foot master suite, a 30-car gallery, a 45-seat IMAX theatre, and a surround-swim jellyfish-viewing gallery. Expected price, $500 million.
In Malibu, the most expensive land transaction occurred less than a year ago when Scott Gillen purchased 24 acres of cliffside real estate for $50 million. Gillen, who currently holds the beach community’s priciest listing, the $85 million New Castle estate, has tapped architect Richard Landry to codesign five 11,000-square-foot homes that will be built on the prime piece of Pacific-facing land. “These are going to be very distinctive, single-story midcentury homes,” says Gillen of the project, which is called The Case. “You’re going to see houses that neither of us has done before. It will truly be an architectural mountain.”
Kirman doesn’t yet know what kind of architecture will ultimately grace the highest peak in Beverly Hills. “One person I showed The Mountain to wanted to do the Huntington Gardens and just a small glass house and no other buildings,” says the real-estate agent. “I love that idea. That makes me happy thinking about it.”
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Source: Architectural Digest