157-Acre Parcel in Beverly Hills Lists for $1 Billion

157 acres of California development land to list for $1 billion?

The New York Times reports that a 157-acre parcel in the Beverly Hills 90210 ZIP code will soon come to market for $1 billion ($6.3 million per acre). Zoned for six lots, the mountaintop property currently has no improvements. Permits, however, are in place to build up to 1.5 million square feet of living space across multiple building sites. Aaron Kirman of Pacific Union International has the listing on the property. Kirman has overseen the rebranding of the property from the Vineyard Beverly Hills to the Mountain of Beverly Hills. He is quoted by The Times as marketing the Mountain of Beverly Hills as a family compound for a single buyer whom he believes will hail from overseas. Among the recent owners of the pricey acreage are the older sister of the last shah of Iran, the late talk-show host Merv Griffin, and Herbalife founder and CEO Mark Hughes. Read more HERE.
Photo Credit: Beth Coller for The New York Times