The eight-acre 9900 Wilshire site, where those Candy Brothers planned to put up a Richard Meier-designed condo project--and then a Richard Meier-designed hotel/condo project---has sold for $148.3 million, according to a press release. Carlos Slim’s Bank Inbursa, which had the loan on the project, sued the Candys a few times, before winding up with the parcel, and then auctioning it off. UPDATE: While the press release says the new owners will keep with a luxury housing theme, there's no word yet whether Meier's designs will remain. Here's the official statement from the Meier camp: "Surely we would be very enthusiastic to have Joint Treasure bring Richard Meier & Partners on board, however, as of yet, no agreement is in place."
The new owners are private equity firm Joint Treasure International Ltd from Hong Kong. Here are the some of family members behind Joint Treasure International Ltd in case you want to add them as Facebook friends: Chow Tai Fook Group of Hong Kong, Wee Cho Yaw Family Group of Singapore, and David Chiu of Far East Consortium International Limited.
The press release says new owners intend to to "pursue the development of luxury residences" at 9900 Wilshire, but more details aren't yet available. Meanwhile, back to that purchase price: Let us all remember that the Candys purchased this site for $500 million in 2007.
· Mexican Billionaire Sues Over 9900 Wilshire...Again [Curbed LA]
· 9900 Wilshire Archives [Curbed LA]