A piece of California's most lucrative real estate is going up for auction…
Paramount Realty USA has just put up for auction 105 hectares of private, undeveloped land located in the heart of Bel-Air. Senderos Canyon is the largest lot currently on the market in the county, according to the Los Angeles Times, with a much smaller 21-acre tract in Granada Hills asking $1.2 million in second place.
As the final frontier of the greater Los Angeles area, the property will allow entrepreneurs, investors or even you to put down roots in one of California's most exclusive enclaves. Located around other wealthy epicentres like Beverly Hills and Santa Monica, this sort of blank canvas could accommodate a decadent mansion, a lavish hotel or even a shopping mall.
"With the opportunity to establish a legacy for generations to come, the purchase of Senderos Canyon represents a unique opportunity to own an unmatched portfolio in Bel-Air," real estate agent Scott Tamkin of Compass Agency said in a statement. "There are currently eight homes for sale in the immediate vicinity ranging from $50 million to $150 million, and the largest lot is only 2 acres."
It is interesting that this is not the first time that the canyon appeared on the market. The plot cost $125 million in 2013, but did not attract interested buyers. The asking price was reduced to $75 million in 2019 and then again to $60 million. It is now up for auction with bids starting at $39 million, a discount of nearly 70 percent.
Bidding is open until March 15. To speed things up, the retailer is offering a $2 million credit to any buyer who can complete the purchase before April.