Huge unbuilt mansion in Beverly Hills sold for $126 million
A 10-acre slice of Beverly Hills real estate is ready to hit the market, and unlike most listings, this one will have a multi-million dollar price tag.
Plans have been approved and put into place to build a sprawling memorial complex on the lot, including a 21,661-square-foot main house, a 5,000-square-foot guest house and a more than 3,000-square-foot automobile museum. For $40 million, a buyer could buy the land with those plans and build the property themselves, or for $126 million, the buyer could have the house built and delivered by an owner-developer.
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“It’s incredibly special,” said Aaron Kirman, of AKG Christie’s International Real Estate, who will attend the project. “In Los Angeles, especially Beverly Hills, there is a shortage of land, and this is on 10 acres – that’s unheard of.” Before, it’s like your own garden.” The property hits the market later this week. It’s a “dream home, in dreamland, with plans and permits you couldn’t get approved today.”
The developer is Bo Zarnegin, one of the developers of the Peninsula Hotel in Beverly Hills, who has owned the property since the mid-2000s, according to records with PropertyShark Gallery. He paid $8.825 million for the land.
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“He understands what luxury means, what luxury is and what people want in terms of luxury living and lifestyle,” Kerman said. “There’s nothing this property doesn’t have.”
Kerman said he spent seven years and millions of dollars developing plans and getting city approval.
“That’s the hardest part,” Kerman said. Kerman explained that he has now received approvals, and it will take between two and four years for the house to be built and moved in, if a future buyer continues down this path.
When completed, the complex will include eight bedrooms, 20 bathrooms, two elevators, a home theater, multiple offices, a variety of bars, and a wine and scotch cellar. There will also be a state-of-the-art home gym, salon, yoga room, gourmet kitchen and indoor courtyard.
Meanwhile, the green grounds will be home to swimming pools, natural ponds, an open-air cinema and fire features.
“We see as agents that people buy something and spend millions of dollars (to change it),” Kerman said. “The beauty of this is that it’s never too late to make adjustments and changes to get exactly what they want.”