The "Billionaire's Row" area of Beverly Hills is called that for a reason, as a recent real estate deal reported by The Real Deal confirms. Entertainment billionaire David Geffen has sold a parcel of land he bought there last year for the reported price of $34 million, about $4 million more than he paid for it in 2019.
The one-acre lot located at 1169 North Hillcrest Road now belongs to an anonymous Santa Barbara investor, and should they so choose, construction on the property could start almost immediately, as plans for 24,500-square-foot mansion have already been approved and were included with the sale. However, the property has belonged to at least six different owners since 2013, and for whatever reason. none of them have ever kept it long enough to build anything on it – perhaps because they found they could make a decent profit selling it off as is.
Time will tell whether the current owner decides to break the cycle and build, or just sell it to the next person. For now, no one seems to be discussing the matter publicly.
The deal is far from the biggest Geffen real estate transaction this year. Back in February he made headlines for selling his Beverly Hills estate to none other than Jeff Bezos, that sale for a record $165 million.