)
A sprawling hillside property above Beverly Hills once slated for a luxury hotel is now for sale with a $175M asking price.
The property is in preforeclosure, according to The Real Deal, which cited public records indicating a notice of default was sent in November for a $49.7M loan balance connected to the Beverly Crest property.
Motcomb Estates Limited provided a $30M loan to 9712 Oak Pass Road LLC, an entity tied to project developer Gary Safady, TRD reported. Motcomb oversees real estate investments for Reuben Brothers, led by billionaire brothers David and Simon Reuben.
The city of Los Angeles tanked the 58-room Benedict Canyon project, Bulgari Resort Los Angeles, in late 2023, the Los Angeles Times reported at the time. The hotel was pitched as a collection of bungalows and a spa as well as eight mansions ranging from 12K to 48K SF, according to the LA Times.
The project drew strong opposition from some neighbors, though others organized to support it.
The department of city planning in 2023 revoked its approval of the project, telling Safady that the environmental impacts of the hotel were "far greater than initially anticipated,” the LA Times reported.
The site is now the third-priciest property on the market in LA County, TRD reported.
)
)
)
)
)
)
)
)
)
)
)
)