A 157-acre parcel of land is Los Angeles' first $1 billion listing.
The property is being called “The Mountain” because it sits on an expansive plateau overlooking Beverly Hills, and is situated at the highest point on the fabled 90210 zip code, the Los Angeles Times reported.
In comparison, Microsoft co-founder Paul Allen has a 120-acre plot within the same zip code listed for $120 million — less than one-eighth the price of the $1 billion listing.
Described as “the crown jewel of Beverly Hills” by listing agent Aaron Kirman, the closest neighbor is a half-mile away and views stretch from the city lights of downtown Los Angeles to the Pacific Ocean and beyond, all the way to Catalina Island.
“It will set the world on fire if it sells for a billion,” Hall & Hall’s Tim Murphy, a specialist in large ranch and farm properties, told the Times. “That may be the end of real estate.”
But meeting that asking price will be a challenge, given that it’s bare, undeveloped property.
“To be impressed by dirt is hard,” Kirman, of Pacific Union Real Estate, told The New York Times.
He’s nonetheless up for the challenge, and to meet it, he’s targeting the world’s ultra-wealthy.
“There are 2,800 billionaires in the world,” he told the LA Times. “We realized there are 100 of those that could and would want to buy the property.”
Some of the property’s prior owners intended to develop the land, but ended up selling it beforehand.
Previous owners include TV host and producer Merv Griffin, Herbalife founder Mark Hughes, and Princess Shams Pahlavi, a sister of the late shah of Iran.
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