A chunk of land equivalent to six percent of upscale Bel Air is now available for $5 million less that its price tag when it hit the market two years ago.
Senderos Canyon — 258 acres of hilly, undeveloped and unentitled land — is back on the market with an asking price of $69.9 million, according to a listing on LoopNet. Compass broker Scott Tamkin, who is marketing the property for sale, did not immediately respond to a request for comment.
This isn’t the first price cut for the land, which was first put up for sale in 2013 with an asking price of $125 million — around $291,000 per acre. The seller chopped that by 40 percent to $75 million in 2019.
The latest cut comes to about seven percent.
The estimate that the acreage comes to about six percent of Bel Air’s total land area comes from the Loopnet listing, which also refers to the land as 11.4 million square feet.
Development possibilities include a single family compound with multiple buildings, a golf course, vineyard, high-end housing development, hotel or wellness retreat, according to marketing materials for the land.
Those possibilities come with some big ifs, as in if the buyer can receive necessary permits. The land is zoned for residential and equestrian uses, but comes with no existing entitlements or development plans. It’s also not connected to any utilities — although there is a waterway that runs from the top of the site to the bottom part of the canyon.
The seller of the land has never been disclosed. Records show the site is owned by Giro Properties — a limited liability company linked to Todd Grayson, a Beverly Hills-based attorney. Giro Properties LLC bought the land for an undisclosed amount in 2006.
Anyone who wants to build on the land is likely to run into challenges. For years, infamous spec home developer Mohamed Hadid has faced legal and regulatory challenges to his never-finished spec home in the hills of Bel Air.
Hadid had also planned to build massive mansions near a popular hiking trail in Franklin Canyon Park in Beverly Hills. Days before an auction to sell off the undeveloped land, the Beverly Hills City Council passed a resolution encouraging the sale of the six disputed lots to a conservation-oriented buyer.