Flat Hilltop on Beverly Hilltop Rocks the $1 Billion Mark

Published July 30th, 2018 - 05:00 GMT
It is considered a 'crown jewel' with views of downtown LA and the Pacific Ocean (FB)
It is considered a 'crown jewel' with views of downtown LA and the Pacific Ocean (FB)

A 157-acre flat hilltop sitting above Beverly Hills is hitting the market at a whopping $1 billion.

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 property listing agent, Aaron Kirman, calls it 'the crown jewel of Beverly Hills' for billionaires with a plan to build a private paradise.

This massive land comes with its own history of wealthy owners from royals, to Hollywood celebrities and moguls who all had unsuccessful plans 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.

'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.



The mountaintop was once owned by an Iranian princess and the older sister of the last shah of Iran in the late 1970s, who had plans to build a palace on the land.

It was later bought by talk show host and game show pro host Merv Griffin in 1987.

'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 The Times when he made the purchase.

But when financial troubles hit, Griffin sold the property to Mark Hughes, the founder of Herbalife, for more than $8million 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.

Hughes bought the property with plans to develop it, but died in 2000 before he could break ground.

Now the grounds with the famous 90210 Beverly Hills zip code is owned by Secured Capital Property.

The land is divided into 17 parcels with size of them zoned for residential development.

However, Kirman is adamant that a one buyer will development 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.


This article has been adapted from its original source.

© Associated Newspapers Ltd.

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