March 15 is the deadline to submit bids on one of the last remaining large tracts of undeveloped land in Greater Los Angeles. Known as Senderos Canyon, the 260-acre parcel in Bel Air has been languishing on and off the market in one of La-La Land’s most exclusive neighborhoods at an ever lower series of price points for much of the last decade.
Senderos Canyon consists of three separate contiguous parcels that were originally listed in 2013 for an eye-popping $125 million ($480,000 per acre). After three years and no takers, the property was delisted in 2016. Three years later, $50 million was shaved off the 2013 asking price when it relisted for $75 million. A subsequent $15 million price reduction to $60 million also generated no takers.
Currently zoned for residential and equine use, proposed uses for the 260-acre tract include a golf course, a sports complex, a wellness retreat, an equestrian center, and a luxury home enclave. According to the listing broker, “Such staggering scale in an unrivaled position nestled between Los Angeles’s most prestigious residential enclaves presents the unique opportunity to craft the legacy and landscape of Bel Air.”
Mountain of Beverly Hills
Senderos Canyon sits less than two miles due west of the Mountain of Beverly Hills, a 157-acre tract in the 90210 area code whose even higher asking price preceded one of the steepest markdowns in history. Famously owned by Princess Shams Pahlavi, sister of the last shah of Iran, it was subsequently acquired by Merv Griffin, who sold it to Mark Hughes, the founder of Herbalife. Listed for $1 billion in July 2018, the price was then decreased by 35 percent to $650 million in February 2019. Ultimately, the Mountain sold for 1/10,000 of its original asking price — $100,000 — at a foreclosure sale in August 2019. It was subsequently seized by federal prosecutors investigating the embezzlement of funds by officials associated with the Kuwait Ministry of Defense.
Senderos Canyon is currently listed with Melinda and Scott Tamkin of The Tamkin Real Estate Group at Compass. Paramount Realty USA is overseeing the auction, which requires a minimum bid of $39 million, almost 70 percent below the property’s original $125 million price tag. Read more HERE.