One of the largest swaths of undeveloped land in Greater L.A. is coming back on the market with yet another cut on its asking price.
A 263-acre parcel in Bel-Air known as Senderos Canyon — the property amounts to some six percent of the tony enclave’s total land area — is re-listing this week with a price tag of $59,995,000, said Scott Tamkin, an agent with Compass who has the listing along with his wife Melinda.
That figure is $10 million less than the property was last listed for, about a year ago – and less than half of its asking price in 2013, when it went on the market at $125 million.
The parcel, which includes a good deal of steep hillsides, has been on and off the market since then.
“People come into the market at different times for different reasons,” said Tamkin, “and our hope is that this price will attract the right buyer for whatever reason they’re looking at it for.”
The large chunk of rugged canyon land is unentitled. For years its owner and promoters have floated various development ideas, including a golf course, equestrian center and “wine-producing family compound”; recent marketing material even suggests the possibility of goat yoga, a fad that features the animals wandering among devotees of the discipline.
One recent potential buyer was a woman who was looking to create a wellness retreat, Tamkin said, and an educational institution has also expressed interest: The agents are also promoting the space as a possible adjunct campus for sports facilities or nature hikes.
Around L.A. the development of such “trophy” land parcels has sometimes proved controversial: A few miles east, just outside Beverly Hills, the spec builder Mohamed Hadid has been embroiled for years in a bitter fight over a 65-acre site that abuts a popular hiking trail.
Tamkin is aware of such challenges but argues that the Senderos Canyon property, which is larger and does not intersect with an already popular public space, is categorically different.
“This is 263 acres — there is enough space for someone to build something reasonable and still have plenty of open space,” he said. “There would still be a lot of open space for hiking trails or nature walks or to leave it alone.”
The identity of the owner of the Senderos Canyon property has not been disclosed. Records show the site is owned by Giro Properties, an entity linked to the Beverly Hills-based attorney Todd Grayson. Records also show that Giro bought the land for an undisclosed amount in 2006, The Real Deal previously reported.
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