You can build your dream home from scratch just across from the Hotel Bel Air.
You’ll just need a little over $14 million per acre for the land.
Three parcels totaling 10.6 acres, each of them carrying the necessary permits to build a 60,000-square-foot house, have just become available in the trendy Bel Air neighborhood of Los Angeles. The area is home to a combination of billionaires (Rupert Murdoch’s ranch and winery was singed by the recent Skirball fire), and celebrities, including Beyonce and Jay Z, who bought an $88 million spec house in 2017.
The property’s history isn’t nearly as glitzy.
Twenty years ago, the land, which is directly across the street from the Hotel Bel Air, was carved into eight separate lots. A single individual began to acquire them one by one, and then sold all of them to developer Domvs London and Junius Real Estate Partners, the real estate investment art of JPMorgan Chase & Co., in 2014.
The partners immediately rezoned the tract into three, larger properties and tried to sell one, measuring three acres, for $45 million in 2015.
The property sat on the market for a year, and then the owners took it off the market. “We should have waited,” says Barry Watts, the president of Domvs. “We still had construction vehicles and earth movers and everything you get with a large-scale site like this, and we were a little ahead of our time.”
A 10.6 acre plot of land in L.A. is coming to market for $150 million https://t.co/sA0eXlXRWN
— Bloomberg Pursuits (@luxury) January 30, 2019
Four years later, the land is pristine, leveled, and back on sale, this time with a price tag of $150 million for the entire 10.6 acres. “If someone wants to buy one of the three [original, three-acre] individual lots, we can discuss that with them,” Watts says, “but we found the property appeals to people more as a legacy purchase—we’ve had more inquiries from people saying ‘I want to buy the whole property.’ ” The land is listed with Connie Blankenship, a broker with Douglas Elliman.
Land Improvements
Watts says that they’ve spent “tens of millions” of dollars improving the land. Large retaining walls were constructed in order to expand the usable land.