$1 Billion Listing Sells For Just $100,000 After Feds Get Involved
Some properties are just destined to go down in real estate lore forever. One such property that really caught our attention goes by the name of "The Mountain" and spreads out over 158 acres. It isn't just the unique but justified asking price on an empty lot that is noteworthy here but instead to story that was happening in the background.
The expanse at "The Mountain" is said to be about twice the size of Disneyland and include 17 residential parcels that span from 2.5 to 12.2 acres.
The spread brings its high dollar price tag because of its location in the prestigious 90210 zip code. It's not just the area code that brings the value. The real value add is the location away from other homes, allowing people who live on the parcel to have quite a bit of space. This is nearly impossible to come by in the 90210 zip code.
With that, the last owner of the spread saw it to be worth $1 billion. At least that's what the plot was listed for. Some speculate that the listing was just for publicity but time would tell its true value when the market made its ruling.
During the home's history, it has had a variety of famous ownership and was sold for millions of dollars several times before drawing this $1 billion listing price. Certainly, such a price seems like a high ask but some estimated that if a developer were to get their hands on the plot, they could multiply their investment by as much as five times.
How is it, then, that's such a property managed to sell for a measly $100,000? Certainly, after the property was rumored to have a $400 million offer in place at one point that was turned down, somebody would be willing to pay a bit more than six figures.
By following along with the video below from Scott Edward, we learn all about just that. The story takes quite a few twists and turns and even involves the feds so buckle up your seatbelt because this is about to be a bumpy ride.