An enormous and undeveloped 157-acre plot of land overlooking Beverly Hills in California is officially listed for sale with a record-setting asking price of $1 billion, reports LA Times.
The land, now rebranded as "The Mountain," offers sweeping, 360-degree views ranging from the San Gabriel Mountains to Malibu, the Pacific Ocean, and downtown Los Angeles.
Aaron Kirman of Pacific Union Real Estate, the listing agent, calls it "the crown jewel of Beverly Hills," as it sits at the highest point in the 90210 zip code and the closest neighbor is half a mile away. For comparison, a 120-acre plot owned by Microsoft co-founder Paul Allen is on the market in the same Beverly Hills Post Office area, but it's listed for $150 million.
The property was once owned by Shams Pahlavi, sister of the Shah of Iran, and later acquired by television magnate Merv Griffin, who had plans to develop an extravagant home, complete with a helipad. Griffin never followed through with that scheme after getting into financial trouble, and Herbalife founder Mark Hughes then stepped in and bought it for $8.7 million in 1997, making it the most expensive property sold in Southern California at the time.
Now, the current owner is real estate investment firm Secured Capital Property, according to Ronald Richards, an attorney and spokesman for the company.
The land is divided into 17 parcels, with six ranging from 2.5 acres to 12.2 acres, and are zoned for residential development. An idea of a developer curating a hyper-exclusive hilltop enclave filled with homes pushing past the $100 million mark is floating around, but Kirman believes it will go to an individual buyer.
Kirman plans to start jetting around the globe to shop it around, saying "There are 2,800 billionaires in the world. We realized there are 100 of those that could and would want to buy the property."
For the full story, head on over to the LA Times.
In other notable real estate in Los Angeles, Frank Lloyd Wright’s historic Ennis House is on sale for $23 million.