The 157-acre mountain at the highest peak in Beverly Hills, which towers over Los Angeles, has finally sold at a foreclosure auction after bouncing around the market for years, reported Katherine Clarke for The Wall Street Journal.
Originally listed for $1 billion, the property received a whopping $350 million price chop in February, boasting a significantly diminished — but still significant — $650 million price tag, The Real Deal reported. But the property sold for only $100,000 — to its lender, the Mark Hughes Trust.
According to Clarke, court filings show there is $200 million worth debt on the property, partly because of late fees and interest. No other bidders showed up at the acution as they would have had to pay the debt, Ronald Richards, a lawyer representing one of the former owners, told The Journal.
But, as Clarke pointed out, the Hughes family could put “The Mountain” up for sale again.
Read on for a closer look at the sprawling property, its history, and what the owners could potentially do with the land.
