No House, But a Lot of Land: Rare Bel Air Parcel Lists for $150 Million
A rare undeveloped parcel of land that’s fit for a future prince or princess of Bel Air just hit the market in Los Angeles for a whopping $150 million.
Known as the Park Bel Air, the property is located on Tortuoso Way in lower Bel Air, just across the road from the legendary Hotel Bel-Air.
It offers 180,000 buildable square feet spread across three estate lots with elevated views of West Los Angeles, the Pacific Ocean and Catalina Island, according to Douglas Elliman Real Estate, which is listing the property. A visionary buyer could build their dream home—or multiple homes. Flexibility is baked into the design, said Connie Blankenship, director of luxury estates and the listing agent at Douglas Elliman.
“To have 10.6 contiguous acres is something that you don’t find every day,” Ms. Blankenship said. “And also once this is sold, it will never be available again.”
The 180,000 square feet of buildable space can be divvied up in whatever manner the owner desires, she said. For instance, owners could build three 60,000-square-foot homes or a combination of one larger home and smaller buildings designed for recreation, housing guests or entertaining, she said.
“It’s going to be a great value in years to come, either as a legacy compound for one owner or potentially for different owners,” Ms. Blankenship said.
The property was once eight separate lots. It was purchased in 2014 by developer Domvs London and Junius Real Estate Partners, the real estate arm of JPMorgan Chase, who rezoned it into three lots.
The partners unsuccessfully attempted to sell one of the three lots for $45 million in 2015, but took it off the market after one year.
Since then, the parcel has undergone extensive landscaping and new retaining walls have been added, Ms. Blankenship said.
The firm is open to discussions from potential buyers about selling the three lots separately; but a single buyer is much more likely, she said.
“We see it more as a (family) compound, and that’s what the market has indicated in recent years,” she said.
Building permits and renderings are included in the sale, making it a potentially seamless development project. Developers secured permits prior to the adoption of new City of Los Angeles restrictions for large-scale development, which means this could be one of the last properties of its size.
The listing officially became public on Wednesday, though inquiries from potential buyers have floated in since December, Ms. Blankenship said, including from local families and those in Asia and the Middle East.
The ritzy Los Angeles neighborhood is home to billionaires and celebrities alike, including Beyoncé and Jay-Z, who bought an $88 million estate in 2017. Another undeveloped plot, in nearby Beverly Hills, arrived on the market last summer for $150 million. Microsoft co-founder Paul Allen listed the sprawling 120-acre property known as “The Enchanted Hill,” just a few months before his death, in October, The Wall Street Journal reported.
The Park Bel Air listing is being handled by Ms. Blankenship in Los Angeles as well as Noble Black in New York, a Douglas Elliman marketing consultant.
It is being brought to market in conjunction with London-based Daniel Daggers of Knight Frank, Douglas Elliman’s international partner.