An extensive property put together by producer Stanley Bing consisting of 12.4 acres of prime Bel Air land is hoped to sell for a princely 75 million dollars. “The Park at Stone Canyon” is hoping the right billionaire will want to call this property home as the cost is beyond even the range of the top movie stars.
What is even more amazing is another property of nearly equal size will be coming onto the market shortly. This property had been owned by the Shah of Iran, Merv Griffin, and Herbalife founder Mark Hughes. Even in a down market, some properties are bound to sell for amazing dollars.
The parcel, across from the Hotel Bel-Air and less than a mile north of Sunset Boulevard and UCLA, was assembled over nine years by flamboyant movie producer Steve Bing. He tore down homes on the land once owned by such show business luminaries as Barry Manilow, Red Buttons and Kim Novak.
Current neighbors include billionaire Robert Addison Day, founder of money management firm Trust Co. of the West and chairman of the W.M. Keck Foundation, and home-building mogul Bruce Karatz, chief executive of KB Home. ‘We suspect it will go to a rich individual or small club of two or three rich individuals,’ said real estate broker Robert Beeney of Greenwich Group International in San Francisco, who is representing the sellers. They bought the parcel from Bing last year for $48 million and hope now to ‘flip’ it for a profit. But to some brokers in the rarified strata of mega-million-dollar home sales, the offering has a whiff of desperation. They note that an effort to quietly sell the parcel by invitation to subdividers failed to produce a buyer, prompting the owners to cast a wider net by seeking bids starting today through an auction format more common in commercial property sales. In a cooling real estate market, even the richest buyers have become more discerning, they said. via Topix