The price is a significant comedown from last year’s $150 million asking price. Even with a sizable $40 million chunk shaved off the top, it’s still this week’s most expensive new listing on realtor.com®.
The Los Angeles Times reported that Allen intended to develop the hilltop land as a private compound, after purchasing the property in 1997 for $20 million.
When he bought it, the property still featured the original Wallace Neff-designed home from the 1920s, built by screenwriter Frances Marion and her husband, Fred Thomson. The property was dubbed “the Enchanted Hill” by their neighbor Greta Garbo.
That home has since been torn down. And while Allen didn’t build a home on the property, he did make improvements, including a mile-long private road, extensive infrastructure, and two gated entrances. Renderings depict the possibilities for the property as a megacompound in one of Southern California’s most exclusive neighborhoods.
“It’s one of the most exciting pieces of property in the city of Los Angeles,” says listing agent Jesse Lally. “Imagine the opportunities that were available when the city was first incorporated, when people began to move up into the hills. Well, this is just like that. It’s a blank canvas for somebody to create anything they can imagine. The possibilities are truly endless.”
“Enchanted Hill” in Beverly Hills
Mile-long private road
Skyline view from the hilltop
Rendering of development of Enchanted Hill
You enter through the main security gates and ascend past four flat lots, situated privately at various sites along the way. Then you finally arrive at the 4-acre site slated for the main estate at the top of the hill.
As Lally says, options abound. It could become, as Allen envisioned, an enormous family compound with multiple guest homes, a fitness center, entertainment complex, sports arena, equestrian facility, and even a boutique winery.
Each lot is “uniquely positioned to take advantage of city, ocean, sweeping mountain, or canyon views in the most private and tranquil setting imaginable,” the listing description states.
Alternatively, the large parcel could be snapped up by developers and subdivided into an ultra-exclusive gated community.
The property has two entrances, one on Benedict Canyon Drive and one on Angelo Drive. Located close to Rodeo Drive and the Beverly Hills Hotel, the hilltop property, perched above the city, delivers views from downtown to the ocean.
Along with views, privacy, and a bespoke estate, you’d also be neighbors with stars like Sandra Bullock and Ricky Martin, as well as the entertainment mogul David Geffen.
Allen, who died last year at the age of 65, had vast investments and philanthropic activities. He was the owner of the Portland Trailblazers and the Seattle Seahawks, and invested in real estate, private space flight, and scientific research.
Along with Lally, Zach Goldsmith, Jeff Hyland, and Rick Hilton of Hilton & Hyland also represent the listing.
Source: Housing Trends Feed