An Unbuilt Beverly Hills Megamansion Lists for $126 Million
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A 10-acre slice of Beverly Hills real estate is ready to hit the market, and unlike most listings, this offering will have two multimillion price tags.
Plans are approved and in place for a sprawling trophy compound to be built on the plot, including a 21,661 square foot main house, a 5,000 square foot guest house and a more than 3,000 square foot car museum. For $40 million, a buyer can purchase the land along with those plans, and build the property themselves, or for $126 million, a buyer can get the home built and delivered by the developer owner.
“It’s unbelievably special, in Los Angeles and especially Beverly Hills there’s a lack of land, and this is on 10 acres—that’s unheard of, it’s like your own private park,” said Aaron Kirman of AKG Christie’s International Real Estate, who is bringing the property to the market later this week. It’s a “dream home, on dream land, [with] plans and permits that you couldn’t get approved today.”
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The developer is Bo Zarnegin, one of the developers of the Peninsula Hotel in Beverly Hills, who’s owned the property since the mid-2000s, records with PropertyShark show. He paid a reported $8.825 million for the land.
“He understands what luxury means, what luxury is and what people want in terms of livability and luxury lifestyle,” Kirman said. “There’s nothing that this property doesn’t have.”
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He spent seven years and millions of dollars getting the plans in place and approval from the city, according to Kirman.
“That’s the most difficult part,” Kirman said. Now he has the approvals, it’ll take anywhere between two and four years for the home to be built and move-in ready, should the future buyer proceed with that route, Kirman explained.
When complete, the compound will boast eight bedrooms, 20 bathrooms, two elevators, a home theater, multiple offices, a variety of bars and a wine and scotch cellar. There’ll also be a state-of-the-art home gym, a salon, a yoga room, a gourmet kitchen and an interior courtyard.
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The lush grounds, meanwhile, will be home to lap pools, natural ponds, an outdoor cinema and fire features.
“We notice as agents that people buy something done and spend millions of dollars [changing it],” Kirman said. “The beauty of this is it’s not too late to make tweaks and changes to get exactly what they want.”
This article originally appeared on Mansion Global.
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This article was originally published by a www.barrons.com . Read the Original article here. .