Courtesy of Alexandra Deabler
A 10.6-acre tract of “shovel ready” land located just around the corner from the Hotel Bel Air in California, and with famous neighbors like Beyonce and Jay-Z, has reportedly hit the market after years of zoning, rezoning and land leveling.
The prime real estate, which boasts views of Los Angeles, the ocean and Catalina Island on a clear day, was originally cut into eight separate lots, but after developer Domvs London and Junius Real Estate Partners purchased the land in 2014, the distinct properties were rezoned into just three separate areas in 2015, according to Bloomberg.
The massive acreage in Southern California comes with the necessary permits to build a 60,000 square-foot home on each of the three zoned areas. (Douglas Elliman Real State).
Though, the separate lots sat on the market for a year until the owners finally took it off and decided to level the land and consolidate it all into one lot – that comes with a heaping price tag.
The massive acreage in Southern California comes with the necessary permits to build up to a 180,000 square-foot home, and has been primed with retaining walls to expand the usable building land, a press release reported.
“Not only are we offering someone a lot of flexibility,” Barry Watts, president of Domvs, said to Bloomberg, “they’re also going to save considerable time. If someone bought raw land and went through what we went through, they’d probably spend three to four years of their life going through construction permitting.” The land, he continues, “is what we in the industry call ‘shovel ready.’ ”
Domvs can also include commissioned renderings for a new house in the sale – one that can compete with neighboring properties like a 38,000-square-foot mansion complete with helicopter and a price tag of $150 million. Or the $245 million home billed as America’s most expensive, also in Bel Air.
Domvs can also include commissioned renderings for a new house in the sale. (Douglas Elliman Real State)
Though Los Angeles’ real estate market has been cooling in recent months, Watts says there has been considerable interest in the property.
“We had someone visit the site last week—and they’re a local whose family is maturing, and they’re considering creating a family compound,” he said to Bloomberg. “And we’ve had people from New York who want to live bicoastal, and we’ve also had inquiries from people in Asia, Europe, and the Middle East.”
But the owners are open to possibly selling the properties as individual lots again.
“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.’”
Fox News’ Michael Bartiromo contributed to this report.