BEVERLY HILLS—The private 157-acre flat hilltop, Vineyard Beverly Hills dropped its price to $650 million. Known as the ‘Mountain of Beverly Hills,’ the undeveloped property sits atop the highest peak in Beverly Hills. It became the most expensive listing in the market in Los Angeles history with an asking price of $1 billion last summer.
According to the New York Post, one offer was received by the current sellers Secured Capital Partners LLC. A developer offered $400 million, but the deal did not move forward as the sellers refused to settle for under $600 million.
“This truly is the crown jewel of Beverly Hills,” said listing agent Aaron Kirman. The difficulty of selling this property is ‘hard’ admitted Kirman who says he is looking at potential clients from the Middle East, a Chinese billionaire and Russian oligarch.
There have been attempts in the past to build on the property. When the property was owned by Princess Shams Pahlavi in the 1970s, there were goals to build a palace. When late television host Merv Griffin purchased the land to build a mansion, he faced financial issues and sold the property to Herbalife founder Mark Hughes for over $8 million. Hughes died in 2000 before any development plans could come to fruition.