When the owners behind the Park Bel Air development site put the spread on the market for $150 million, it presented an opportunity for someone to build three mansions ranging up to 60,000 square feet each. Now, six months later and no takers, the developers are sectioning off a piece of the property for a reduced price.
The so-called “Estate One at Park Bel Air” hit the market July 12 for $45 million, The Real Deal has learned. At nearly 3 acres, it sits on one of the three lots at the 10.5-acre Park Bel Air property, which is still for sale for $150 million.
The Bel Air site is owned by Domvs London and Junius Real Estate Partners, the real estate arm of JP Morgan Chase & Co. The partners bought the property in 2014 — then eight separate lots — and rezoned them into three.
Each of the three lots fits a 60,000-square-foot mansion. Renderings show a modern, two-story estate on the property at 800 Tortuoso Way, which has been already been graded.
Connie Blankenship of Douglas Elliman has both listings. She did not immediately respond to requests for comment.
Land-only listings have become increasingly common recently, often listing at premium prices. Brokers say the recent wave is a result of the spec home building boom of 2014 and 2017, when developers were filing construction permits at record pace. Also, they provide an opportunity for developers to escape the arduous permitting process.
The Mountain of Beverly Hills, now embroiled in a bankruptcy proceeding, is one of the largest development opportunities, spanning 157 acres atop the Beverly Hills Post Office. After listing at a record price of $1 billion, its owners chopped the asking price to $650 million in February.