An undeveloped golf course-sized patch of land in one of Los Angeles’ ritziest neighbourhoods is on the market at a 70 per cent discount on its original asking price.
Senderos Canyon is a 150ha sanctuary in the Bel-Air district that will go to auction on January 31 with a minimum bid of US$39 million.
But, according to Bloomberg, the property was originally listed for US$125 million in 2013.
No one made an offer, so the land was again offered for sale in 2017 for US$75 million and relisted a third time last year for $60 million.
A listing website for the property says Senderos Canyon is: “Situated across three contiguous parcels at the Santa Monica Trailhead and bordered by Mulholland on the north, Moraga Drive on the south, Bel-Air Crest on the west, and Linda Flora Drive on the east.
“This untouched canyon represents six per cent of Bel-Air’s total land area.
“Such staggering scale in an unrivalled position nestled between Los Angeles’ most prestigious residential enclaves presents the unique opportunity to craft the legacy and landscape of Bel-Air.”
Misha Haghani, the founder of Paramount Realty USA, the auction house conducting the sale, told Bloomberg that Bel-Air still offered a relatively good investment, despite the median home price in the area dropping to US$4.1 million in December.
“It’s a safe haven,” she said.
“Bel-Air is not going anywhere.”
Listing agent Scott Tamkin, of Compass Inc, said the vendor was keen to move.
He said the ideal buyer had the ability to pay cash as well as the patience to wade through LA’s entitlement and approval process to develop the land.
The auction calls for sealed bids by March 15, with the winner to be selected based on a combination of the price offered and the likelihood of consummating the deal.
Drawings prepared for the sale show the land as a residential compound with a vineyard, equestrian centre or an 18-hole par-70 golf course.
Famous homeowners in the Bel-Air district have included Elon Musk, Serena Williams and Ronald and Nancy Reagan.