The super-rich people who can afford to live in Bel Air hardly want to live in some other mega-rich guy's dream home, right? So any open land in the little neighborhood (and there is not much) is highly coveted. Coveted enough that a big chunk of it--say 258-plus acres--can go for more than any land with an actual house on it. This huge plot, which accounts for more than six percent of the total land in the neighborhood, just hit the market asking $125 million, making it the highest-priced publicly-listed property in Los Angeles County right now (there are a few houses allegedly selling off-market and under-the-radar for $150 million or $225 million or a squillion dollars or whatever). The listing calls the land "the ultimate and limitless development opportunity in one of the countries most prestigious communities." Which is surely true, so long as the neighbors don't object to your development plans!
· 0 BEL AIR Cyn [Redfin]