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You Can Purchase the Privilege to Tear Down a Bit of Bel Air History for $10M

You Can Purchase the Privilege to Tear Down a Bit of Bel Air History for M

For $10 Million You Can Tear Down Bel Air’s Oldest Structure

Only in places such as posh Bel Air, CA, will you see a $9.9 million property offered as an “exciting developer/contractor opportunity.”

In real estate parlance, those words mean “tear-down.” And for the wheelbarrow full of money a buyer will need, the land underneath the existing structure must be quite spectacular.

We can confirm it is. The property, known as Capo di Monte (“top of the mountain”), incorporates 3.22 acres that run between two of the area’s most prestigious streets, Strada Vecchia Road to Bel Air Road. On top of the exquisite location, the land has been subdivided into six good-sized lots.

That means an enterprising buyer could build six luxury homes here or a megamansion like the one Mohamed Hadid is building down the road.

Capo di Monte

If the street name Strada Vecchia rings a bell, it’s probably because the uber-developer Hadid (father of supermodels Gigi and Bella Hadid) was recently in the news for pleading no contest to felony charges of violating building codes and regulations on the 30,000-square-foot behemoth he’s been building on the road since 2014. He’s been slapped with fines, a couple of hundred hours of community service, and an order to stabilize the hillside.

Even without worries over an exuberant developer for a neighbor, there will be plenty of challenges for the next owner of Capo di Monte.

The original Atwater Kent Estate

Built in 1928, when Bel Air was first founded, the grand Atwater Kent Estate boasted 39 rooms, a swimming pool, and a tennis court, among other features. Unfortunately, all that’s left of the original structure is the former garage, which is the oldest standing structure in the ultrawealthy enclave.

What stands on the property now is a five-bedroom, 5.5-bath home with marble flooring and servants’ quarters. The swimming pool has been emptied, and there’s a good chance it leaks. It must have been quite nice when the current owners purchased it over 30 years ago.

Dated interior

Empty pool that might leak
Empty pool

At least it has marble flooring.

“I wish I could say it’s a beautiful mansion,” says listing agent Susan Bernstein of Rodeo Realty. “But I can say the property has to be seen to be believed.”

Some of those features beyond belief are gorgeous canyon views, city views, mature foliage, and privacy.

Views of L.A.’s skyline

In fact, Bernstein says, “I already have an offer from a developer, and there are several more who have expressed interest. I fully expect this property to go above asking price.”

Just keep in mind the eventual buyer will need to pay all cash due to the home’s condition, according to the listing.

So get ready, wealthy neighbors. There’s going to be another grand construction project in town. But now that local construction officials have served notice they’re going to bring the hammer down on permit violators, the tear-down should proceed (relatively) peacefully.

The post You Can Purchase the Privilege to Tear Down a Bit of Bel Air History for $10M appeared first on Real Estate News & Insights |®.

Source: Real Estate News and Advice – » Real Estate News

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