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What's Up With That $65 Million Bel-Air Land Listing?

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Dwarfing that $22 million Hollywood listing, here's a $65 million listing for eight acres at 11101 Chalon Road in Bel-Air. It came to market in mid-December, but the Hilton and Hyland agent representing the project won't reveal much information about the listing to us, other than to say the land "has been developed," so we don't know if this land has been listed before or has any sort of interesting back story. But according to a 2005 city document, a man named Matt Wollman requested that numerous oak trees be removed from the site, all in preparation of a home that he was planning to build on the lot. And it does indeed look like those trees came down. According to the listing, the property, which looks to be only zoned for residential, "sits just above the Bel Air Country Club and has 360-degree views of the Pacific Ocean, city lights, and mountains." Via Google maps, slightly less glamorous photos of the land (hit "street view").
· 11101 Chalon Road [Official Site]