In Bel-Air, a 260-acre piece of land that represents 6% of the neighborhood's total area is hitting the auction block with bids starting at $39 million.
As development fills every crack of L.A. County, some of the most prized parcels are left untouched. Why?in 2013. No takers. In 2019, the price was trimmed to $75 million, then $60 million. Still nothing. Now, it’s being auctioned with bids starting at $39 million, representing a discount of nearly 70%.
The bidding opened on Jan. 24 and goes until March 15 — a strategic date for the owner. Roughly two weeks later, Measure ULA goes into effect, adding a 5.5% transfer tax to the deal, assuming it sells for more than $10 million.
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