By Zachary
Want to call yourself the king of the hill?
An undeveloped parcel atop the highest peak in Beverly Hills, Calif., just slashed its price to a still-stratospheric $650 million.
The 157-acre spread, colloquially dubbed the Mountain of Beverly Hills, hit the market last summer with an even higher $1 billion asking price, which made it the most expensive listing to ever come to market in Los Angeles. Still — according to the Real Deal, which first reported the reduction — the $650 million price tag still surpasses any other listing in the City of Angels.
The parcel has had a tumultuous history. It was once owned by Princess Shams Pahlavi, a sister of the late shah of Iran, who in the 1970s had planned to construct a palace there that was never built. The land was later purchased by late television host Merv Griffin, who planned to create his own mansion.
“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,” he told the Los Angeles Times in 1987.
But like Pahlavi’s palace, this home never became reality. Griffin faced financial woes and, in 1997, sold the property to Herbalife founder Mark Hughes for over $8 million. Hughes, too, had development plans, but they never materialized. (Only some of the land is zoned for residential development.) Hughes died in 2000 before any building began.
The current sellers are Secured Capital Partners LLC, who have reportedly received at least one offer. In January, a developer offered to shell out $400 million for the six lots. The sellers countered at $600 million, but the bidder didn’t bite.
The land looks out to 360-degree views that show everything from Downtown Los Angeles to the Pacific Ocean.
Aaron Kirman, of Compass, has the listing.
