The "Billionaire's Row" area of Beverly Hills is a hotbed for extravagant real estate transactions, and it recently made headlines due to a notable deal involving entertainment mogul David Geffen. Geffen sold a prime piece of land that he purchased last year for $34 million, which is $4 million more than his original investment in 2019. This transaction not only underscores the allure of this affluent neighborhood but also raises intriguing questions about the future of the property.
Located at 1169 North Hillcrest Road, this one-acre lot has now been acquired by an anonymous investor from Santa Barbara. The new owner has the option to commence construction almost immediately, as plans for an opulent 24,500-square-foot mansion have already been approved. Interestingly, this parcel of land has seen a revolving door of ownership, having changed hands six times since 2013, with previous owners opting for quick sales rather than developing the site.
As speculation continues regarding whether the latest owner will finally break the cycle of selling without building, the real estate community watches closely. Notably, this deal is not the largest that Geffen has orchestrated this year; earlier in February, he made headlines for selling his stunning Beverly Hills estate to Jeff Bezos for a staggering $165 million.
What You Will Learn
- David Geffen's recent sale of Beverly Hills land for $34 million highlights the area's real estate boom.
- The property has changed hands multiple times since 2013, raising questions about future developments.
- Geffen's $165 million sale to Jeff Bezos demonstrates the high stakes in Beverly Hills real estate.
- The approved plans for a mansion suggest potential for significant development if the new owner chooses to build.
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