Huge 260-acre piece of land in LA’s exclusive Bel-Air neighborhood is up for auction starting at $39 million: Rare property is three times the size of DISNEYLAND and completely undeveloped
- The property is known as Senderos Canyon and covers six percent of Bel-Air
- The land is currently the largest plot of land for sale in all of Los Angeles
- Its seller is trying to close the deal before LA’s mansion tax starts on April 1
A massive plot of undeveloped land in one of Los Angeles’ wealthiest neighborhoods is up for auction at a massively discounted price.
The 260-acre property cuts through the middle of Bel-Air – an LA neighborhood well known for its A-lister residents, and for laying claim to numerous record-breaking real estate deals.
Covering six percent of the ritzy neighborhood, the plot is a long undeveloped valley filled with arid brush known as Senderos Canyon, and is three times the size of Disneyland.
Though the bidding started at a whopping $39million, the sum represents a last ditch attempt to sell the property, which has been on and off the market since it was listed for $125million in 2013.
A rendering of the Senderos Canyon plot of land that is up for auction
A rendering showing a golf course in the Senderos Canyon
The canyon is currently the largest plot of land for sale in LA, beating out the 157-acre undeveloped property known as the Mountain of Beverly Hills.
Beyond it the property’s obvious perks, it has also not yet been designated for a specific use, meaning it could be developed for a host of uses.
Prospective buyers have considered turning the property into everything from a retirement community or a goat farm, to a school with a sprawling campus or an extensive wellness retreat.
‘Everyone has grand ideas,’ Scott Tamkin, the property’s Compass listing agent told the LA Times.
A rendering of a mansion and a vineyard in the Senderos Canyon
A rendering showing the Senderos Canyon built into a horse ranch
Renderings in the property’s auction brochure show a nine-hole golf course spread out across the canyon, or a horse ranch enclosed by a manmade lake.
Another suggests the land could be worked into a private wine-making state.
Tamkin, however, said it was most likely the land would be turned into a neighborhood of luxury houses.
He told the LA Times the lot could fit about 17 homes.
A rendering of a golf course in the Senderos Canyon
A rending of a private pond built into the Senderos Canyon
Bidding for the land begins on March 15 under Paramount Realty USA.
The property first hit the market ten years ago, and since then has seen its price dropped steadily.
In 2019 it was relisted for $75million, before dropping again to $60million.
The current price is a cut of nearly 70 percent of its original sale price.
An overhead view of a rendering of a vineyard built in the Senderos Canyon
A rending of a manmade lake built into the Senderos Canyon
One of the problems buyers possibly hampering the sale is the significant amount of work that needs to be done to the land for development.
Currently there are about 20-acres that are construction ready, but the lower acres of the canyon would need to be significantly graded for development.
Bidding ends on March 15. Two weeks later, LA’s new so-called ‘mansion tax’ comes into effect on April 1, which would require the owner to pay a 5.5 percent tax should the sale exceed $10million.
If the property sold for $39million, that tax would equate to about $2.145million. To try to avoid that hit, the seller is providing a $2million credit to the buyer if they can close before April 1.
It’s not the first time a vacant lot in Bel-Air has asked for millions.
Back in 2019, a 30-acre undeveloped plot of land that was ready for a sprawling estate to be built on it was listed for $60million.
And the Mountain of Beverly Hills was listed for a record-breaking $1billion in 2018, before crashing down to a foreclosure sale of a mere $100,000 in 1029 after the owner was unable to pay off the loans he took out to purchase the property.
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