Vacant Bel Air land relists with price chop and new agents — The Real Deal

Vacant Bel Air land relists with price chop and new agents — The Real Deal

  • Andrew Asch
  • 10/27/22

Original article published by The Real Deal

A subsidiary of Chinese film studio Huayi Brothers is hoping to sell 8.8 acres of Bel Air land with a new duo of listing agents and a $10 million price chop.

Huayi Brother’s listing, 10701 Levico Way, which is nicknamed The Levico Estate, got a new ask at $25 million. Rochelle Atlas Maize and Pate Stevens of Nourmand & Associates recently signed on to represent the undeveloped parcel on a Bel Air hilltop.

The Levico Estate was listed for $35 million in July 2021. It went into contract two separate times during the next 12 months, according to Zillow. It is unknown why previous deals did not go through.

The property is one of a few undeveloped parcels in Bel Air. A 10-minute drive away, another undeveloped parcel, 74 Beverly Park Lane, was recently listed for $24 million. It stretches out to just under 2 acres. Another undeveloped Bel Air parcel, 1952 Stradella Road,was listed for $6.5 million. Listing sites say that the almost 1.5-acre lot went into contract.

Earlier this year, news broke on the $65 million sale of undeveloped Beverly Hills land, which was owned by the late Microsoft cofounder Paul Allen. The original ask for the 120-acre asset was $150 million.

Maize, the listing agent for 10701 Levico Way, said there are two flat lots at the site. Structures could be built on the flat areas. One of the flat areas stretches out for 2.5 acres. Connected by a driveway, another flat area is about 1.5 acres.

Much of the listing’s land is hillside which offers commanding views of the Century City skyline and the Bel Air reservoir, Maize said.

When asked whom she forecasted the listing’s buyer would be, she said it would be a developer. “Or a high-profile person who wants privacy,” she said.

The land is accessible only through a gate guarded by a sentry.

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