BEL-AIR CANYON SITE LISTED FOR $125 MILLION (PHOTOS)
The most expensive real estate listing in Los Angeles, Calif. isn’t a home. Instead, it’s a $125 million plot of undeveloped land in the canyons of Bel-Air, one of the city’s most expensive and exclusive neighborhoods.
For anyone actually entertaining the idea of putting in an offer, Redfin rep Christin Camacho shared a few interesting tidbits with The Huffington Post about what life would be like for the happy buyer.
Firstly, said Camacho, no bank would ever offer a 30-year mortgage on such an expensive property. But even if they did, the owner would hypothetically have to pay $514,140 a month. As for California’s property tax payment? $1.125 million a year.
The plot went on the market Monday with a simple one-sentence description: “With 258+ Acres of land in prime Bel Air, this is the ultimate and limitless development opportunity in one of the countries most prestigious communities.”
But “limitless” it’s not, as Curbed LA pointed out. Development, especially on such a grand scale, could be impeded by your equally wealthy neighbors, as Beverly Hills homeowner Abdulaziz ibn Abdullah ibn Abdulaziz Al Saud (of the Saudi royal family) is discovering. Saud has been in a protracted legal battle with his neighbors over his plans to outshine them with a brand new 52,000 square feet mega-compound since 2011. Not even princes have it easy when it comes to real estate in Los Angeles.
Photos courtesy of Realtor.com. Aaron Kirman of John Aaroe Group is the listing agent of the property, along with Mimi Starrett and Paul Stukin.