Precious Property! $150M Empty Lot in Bel Air Is the Week’s Most Expensive Listing

We’ve heard of rare air. How about refined dirt? Well, let us introduce you to this week’s most expensive new listing on®.

This coveted plot of land landed on the market with a resounding bang—$150 million for 10.6 buildable acres in the posh L.A. area of Bel Air. No homes included.

The property, called Park Bel Air, overlooks the swanky Hotel Bel-Air, and comes with three contiguous lots permitted for up to 60,000-square-foot abodes on each lot. The currently vast, open space features a tree-lined drive and grassy lawns with views of West Los Angeles, the Pacific Ocean, and Catalina Island.

The listing notes that permits to build enormous mansions were secured before the adoption of “new Bel Air restrictions on large-scale development,” allowing the buyer to break ground right away to construct a “customized legacy compound,” or to set aside some of the land for future generations.

City views and beyond

Rendering of built space

The land is divided into three home sites. One 3-acre plot would hold a grand home and pool. A second 3-acre plot can include two distinct structures: A guesthouse? A screening room? A yoga studio? The possibilities are endless.

The largest 4.6-acre slice would be reserved for grand gardens. This property would combine indoor and outdoor living, with a “palatial entry courtyard and expansive grounds,” and includes permits for a tennis court and a sports or entertainment pavilion, plus a main house and a guard or staff house.

Domvs London and Junius Real Estate Partners picked up the land in 2014. At the time, it was zoned for eight separate lots, but has since been reconfigured as three, according to the Real Deal.

The publication also notes that the asking price is offered at three times what anyone has paid for land in Los Angeles. So far, the county’s biggest land deal was for $50 million in Malibu, purchased by developer Scott Gillen in 2017.

And while $150 million is a jaw-dropping sum, it’s not even the most expensive listing for land in L.A. There’s a 157-acre property in Beverly Hills that’s on the market for a cool $1 billion.

And there’s even a more expensive listing in this very neighborhood. The Chartwell estate is currently most expensive home listing in the country, at $245 million. At that eye-popping sum, the place naturally made the most expensive list last year. It’s still available.

The record for a Los Angeles County home sale still stands in Malibu, not Bel Air, with $110 million paid for restaurateur Peter Morton’s beach house last year.

Connie Blankenship with Douglas Elliman holds the listing.

The post Precious Property! $150M Empty Lot in Bel Air Is the Week’s Most Expensive Listing appeared first on Real Estate News & Insights |®.

Source: Housing Trends Feed