The never-ending saga of the 157 acres of undeveloped land in Beverly Hills Post Office that can’t seem to find an owner willing to build on it will carry on at least a little while longer.
The ownership group behind the so-called “Mountain of Beverly Hills” have rejected developer Scott Gillen’s $400 million offer to buy the property, TMZ reported. A spokesperson for Gillen confirmed the report to The Real Deal.
Instead, Secure Capital Partners, an entity controlled by the Victorino Noval family, countered at $600 million. That’s still $400 million less than their initial monstrous ask of $1 billion last summer — the highest ever for a Los Angeles listing.
“I saw an opportunity to expand my brand in the city, something I’ve wanted to do for some time,” Gillen told TMZ. “If they’re smart, they’ll take the offer.”
Gillen, a luxury home developer, wanted to build six homes on the massive property, which currently has six graded pads. He’s building a similar development in Malibu, where he broke records when he paid $50 million for a 24-acre spread of undeveloped land. The Unvarnished founder is building five homes on the property.
Aaron Kirman at Compass, who has the Mountain listing, did not respond to requests for comment.
Many brokers in L.A. have scoffed at the idea that the owners will get anywhere close to $1 billion for the property, and spec builders have turned away from the property because of its many challenges. The Mountain, which has nearly 25 acres of usable land, may be closer in value to $300 million, The Real Deal previously reported. [TMZ] – Natalie Hoberman
Source: The Real Deal Los Angeles