In my city the most expensive property was purchased in 1991 for 5 million. The buyer originally started building a French chateau style house on it but gave up half way through and tried to subdivide into 9 separate lots but local council rejected his proposal. So for the last 30 years it sat vacant overgrown and derelict. It was valued a few years ago at 36 million but he still had no plans to sell. And then suddenly last week someone offered him 80 million and he accepted WOW I thought.
This story could of course go in the other direction
The Mountain’ is one of the most interesting luxury real estate stories in Los Angeles history. This coveted piece of land was originally acquired in the 1980s by a royal family, and 30 years later was being marketed for sale for a whopping $1 BILLION DOLLARS. Today we dive into the story, and what went wrong.