Billion-Dollar Property is the United States Largest Ever Residential Listing
A 63-hectare hilltop land parcel in Los Angeles is being pitched as the United States most expensive residential property.
Beverly Hills 90210, home to Los Angeles’s priciest mansions, could now be home to the world's first billion-dollar residential plot.
The closest rival is in Bel Air, where developer Nile Niami is asking for US$500 million for "The One", a 9,300sq m, 20-bedroom estate.
The plot, formerly known as Vineyard Beverly Hills, has been owned by various trusts, entities, royals and celebrities since the 1970s, but was never developed due to a spate of lengthy legal woes.
Now known as "The Mountain of Beverly Hills", the pristine undeveloped site resembles a golf course with manicured lawns kept green by plentiful sprinklers.
The eventual new owner will have the permission to build up to 140,000sq m of living space across multiple buildings.
Secured Capital Partners, the owners of the USD$1 billion (A$1.35bn) listing, have spent “millions” upgrading the property’s infrastructure including utilities, electricity, road work and fibre optics.
A storm drain system and water retention basin, fire hydrant booster system and a backup generator that can power 28,000sq m of buildings during a citywide power outage have also been added to the property.
“Our likely buyer for this property is an individual who wants to build his or her own compound,” listing agent Aaron Kirman of Pacific Union said.
Kirman told the Los Angeles Times he intended to use his estimated marketing budget of $US400,000 (A$540,000) to $US1 million (A$1.35 million) to fly around the world in search of prospective buyers.
“To be able to claim ownership of the largest property at the highest point in all of Los Angeles will make the buyer the most prestigious billionaire overnight,” Secured Capital Partners counsel and spokesperson Ronald Richards said.
The current record for a single-residential home in the United States remains with an oceanfront Hamptons compound that sold in 2014 for US$137 million (A$185m).
The world's most expensive home remains the 23-hectare Chateau Louis XIV estate in Paris, purchased for US$300 million (A$404m) by Saudi prince Mohammed bin Salman.
