Have dreams of living big in Bel Air? Well, now is your chance.
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A plot of land totaling 10.6 acres just hit the market in Bel Air, a neighborhood on the west side of Los Angeles, for a whopping $150 million. The only problem is there’s nothing on it.
According to Bloomberg, which was the first to report that the property increased in price from $45 million in 2015, said the hefty price tag is due to the "tens of millions" of dollars the owners have spent on improving the land since buying it in 2014.
Plus, Barry Watts, the president of Domvs London, who shares ownership with Junius Real Estate Partners, a real estate investment division of J.P, Morgan Private Bank, said the property also carries all the necessary permits to build that 180,000-square-foot dream home.
The partners first tried to sell the property now dubbed "The Park Bel Air" in 2015 for $45 million, but Barry Watts, the president of Domvs, told Bloomberg that it was too early and the land needed some work.
After improving the land for four years, Watts said they found the property now appeals to people "more as a legacy purchase” than individual lots.
“Not only are we offering someone a lot of flexibility,” Watts told Bloomberg, “[But] 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.”
One drawback to the area, however, is that in November, wildfires ripped through the upscale neighborhood of Bel Air, burning several million dollar properties and estates.
The land is currently listed with Douglas Elliman Real Estate.