Empty Lot to Be Listed for Record $1B
August 2, 2018
An empty parcel in Los Angeles could potentially become the most expensive piece of real estate ever sold, CBS News reports. Labeled “The Mountain,” the 157-acre lot in Beverly Hills is the highest point in the 90210 ZIP code and offers up 360-degree views of Los Angeles County.
The plot contains 17 parcels of land; six are zoned for homes. The land also comes with permission to build 1.5 million square feet of living space. Bloomberg estimates it would cost an additional $4 billion to build such a home on the lot.
“This is the only opportunity to own your own mountain that looks down at all of Los Angeles,” Aaron Kirman, the broker representing the property, told CNBC. “Our likely buyer is an individual who wants to build his or her own compound.”
Kirman told The New York Times that there could be 50 to 100 billionaires across the globe who are on the market for such a property. So far, Kirman told the Times, he’s reached out to five.
The property is slated to hit the market on Aug. 6.
“Is This Empty Lot—in Beverly Hills—Worth $1 Billion?” CBS News (Aug. 1, 2018) and “You Can Own a Mountain in LA—It Will Cost $1 Billion,” CNBC (July 30, 2018)
Updated: May 18, 2019