In Beverly Hills It’s Millionaire Vs. Billionaire Over Tower Erection
Developer Beny Alagem has flooded Beverly Hills residents with calls promoting a November ballot to allow him to combine two condo buildings into a single tower, but his adversary, Chinese developer Wang Jianlin, has even deeper pockets.
Jianlin is the world’s 19th-richest person with a net worth of $32.7B, and his Wanda Group wants to build two towers across the street and is fighting Alagem’s ballot measure, Bloomberg reports. Alagem has already spent $3.1M on his campaign, or nearly $140 for each of the city’s registered voters, a sum far exceeding the city’s last priciest contest, which spent $4 per voter.
While no decision has been made, Beverly Hills Mayor John Mirisch opposes Alagem’s proposal and has praised Wanda Group for seeking city approval rather than heading straight to the voters. [Bloomberg]