After more than two years on the market, Paul Allen's 120-acre Beverly Hills parcel has sold for $65 million. Los Angeles Times I will report. Microsoft's late co-founder Mr. Allen purchased the property in 1997 for his $20 million. The ridgetop space without any buildings makes it one of the largest pieces of undeveloped land in the area.
The Beverly Crest estate was dubbed “Magic Hill” by Greta Garbo in the 1920s. She was a neighbor of screenwriter Francis Marion and silent film star Fred Thomson, who lived on the property at the time. The couple owned a Spanish Colonial Revival-style home designed by famed California architect Wallace Neff, which Paul Allen demolished shortly after purchasing in the late 1990s. Allen originally planned to build a large estate that would include both equestrian facilities and a winery in addition to the mansion. These plans were never realized until after his death in 2018, as he divided the land into five separate parcels and added a mile-long private road, two guarded entrances, and public infrastructure. , the new owners didn't end up setting foot on completely bare land. .
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Jeff Bezos tried to buy the property for $90 million in February 2020, but the deal fell through and it was relisted just a month later. By comparison, the $65 million sale price seems like a lot, especially when compared to his original list price of $150 million. Over the summer, Allen's property was reportedly sold for $226 million to the programmer and businessman's megayacht, which included amenities such as a pool, library, and basketball court.
