Billion Dollar property sells for $100,000

According to many reports, including this one Billion Dollar property from Business Insider, the 157-acre parcel of land in Beverly Hills previously listed for sale at $1 billion has sold for just $100,000.

Beverly Hills

Another case where the seller over-ruled the realtor and insisted on too high a price? Well, maybe, but in this case it was ….complicated.The Wall Street Journal reported that the land was bought at an auction in Pomona by the only bidder: the legal entity that owned it in the first place, the Mark Hughes Trust. And any other buyer would have had to pay some $200 million in debt to the Trust.

Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®

Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com

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