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Bel-Air Lot: Yours for About $75 Million

Our sweet, little Bel-Air may soon have the distinction of having the nation’s most expensive single-family property for sale. The 12.4 acre parcel, across from the Bel-Air Hotel, is up for sale. That doesn’t get you a house either. The land is an assemblage of lots once owned by several people, including Kim Novak and Barry Manilow. Movie producer and real estate heir Steven Bing bought all of the adjoining properties and demolished the houses. He never built his dream compound; instead he sold it to an investor group, ECP Acquisitions, for $75 million. Yes, the property even has a name, The Park at Stone Canyon, and its own website. It sounds a bit like a cheesy day spa to us, but we’re not exactly in the market for that. Anyway, as the housing market begins to sink, ECP has decided to unload the property rather than develop it. They will auction it off this week. Are there still people out there willing to pay $6 million per acre in Bel-Air?
· The $75 Million Vacant Lot [Business Week]