A massive undeveloped plot of land that had been owned by late Microsoft co-founder Paul Allen just got a 27 percent price chop.
The 120-acre “Enchanted Hill” in Beverly Hills is on the market for $110 million, according to Redfin.
The property originally listed for $150 million in July 2018. Jesse Lally and Zach Goldsmith of Hilton and Hyland hold the listing. Allen died in October 2018 at 65.
The original listing came just two weeks before the now infamous Mountain of Beverly Hills hit the market. That 158-acre plot of dirt was offered at $1 billion. It took a $350 million haircut months later. It ultimately sold for just $100,000 at a foreclosure auction in August because the owner had accrued massive debt on the property.
Allen bought his sprawling property at 1441 Angelo Drive in 1997 for $20 million. His goal was to build a residence on the grounds, which comprise five flat lots. He demolished a Wallace Neff-designed, 20-bedroom mansion and installed a one mile-long private street but never developed the property.
It does include separate gated entrances and 360-degree views stretching from downtown to the ocean.
The listing is being billed as “the last of its kind,” offering buyers the chance to create their own estate with room for a fitness and wellness center, several guesthouses, equestrian facilities, winery or a sports arena. Allen was the owner of the NBA’s Portland Trail Blazers and NFL’s Seattle Seahawks.
He was estimated to have had a net worth of $20.1 billion at the time of his death, according to Forbes.
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