260 Acres of Private, Undeveloped Land in Bel-Air Are up for Auction
A piece of California’s most lucrative real estate is heading to auction.
Paramount Realty USA just put 260 acres of private, undeveloped land located in the heart of Bel-Air up for auction. Senderos Canyon is the biggest parcel currently on the market in the county, according to the Los Angeles Times, with second place belonging to a substantially smaller 53-acre spread in Granada Hills asking $1.2 million.
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As the last frontier of the greater Los Angeles area, the property will allow developers, investors or even you to put down roots in one of California’s most exclusive enclaves. Located around other wealthy epicenters like Beverly Hills and the Santa Monica Trailhead, the blank canvas could accommodate a lavish mansion, a ritzy hotel or even a shopping center.
“With the opportunity to establish a legacy for generations to come, the acquisition of Senderos Canyon presents a once-in-a-lifetime chance to own an unrivaled crown jewel portfolio asset in coveted Bel-Air,” listing agent Scott Tamkin of Compass said in a statement. “In the immediate vicinity, there are currently eight homes for sale ranging from $50 million to $150 million, with the largest parcel being only five acres.”
Interestingly, this isn’t the first time the Canyon has appeared on the market. The parcel was listed for $125 million in 2013, but didn’t draw any interested buyers. The asking price was slashed to $75 million in 2019, then again to $60 million. Crickets. Now, it’s being auctioned with bids starting at $39 million, marking a discount of nearly 70 percent.
Bidding is open now through March 15. To speed things along, the seller is offering a $2 million credit to any buyer who can close before April.
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