Two weeks from today, the former Robinsons-May property at Wilshire and Santa Monica blvds in Beverly Hills will be sold at a public auction in Norwalk, the Beverly Hills Courier reports (the 'Walk seems to be the place to be!). The 7.95 acre site was once slated to get a 235-unit luxury condo development with retail and restaurant space (pictured), designed by Richard Meier, and developed by British-based team of CPC Group and Richard Caring. Following the developers defaulting on a $365 million loan, there was a tug of war involving Banco Inbursa's Carlos Slim Helú, who was accused by CPC of not wanting to default on the property because he benefitted financially via carrying costs (interests and other fees). Anyway, this where this is all ends up: on the courthouse steps of Norwalk, according to the Courier. Meanwhile, please do remember this fun fact: CPC and Caring paid $500 million for the site at Wilshire and Santa Monica blvds, purchasing the land from New Pacific Realty, a Beverly Hills real estate company that’d paid just $33.5 million for the land three years earlier. What a burn.
· Former Robinsons-May Site Up for Foreclosure [BH Courier]
· Mexican Billionaire Wants His 9900 Wilshire Money Back [Curbed LA]