A 6.7-acre Beverly Hills compound owned by a member of the royal family of Saudi Arabia is being quietly shopped for $85 million, according to two people with knowledge of the deal.
Joyce Rey of Coldwell Banker Previews International, who has the listing, said she is dealing with the director of the holding company that controls the property and could not comment on the identity of the owner, though people with knowledge of the deal said he was a second-generation member of Saudi Arabia’s ruling family, the House of Saud.
A spokesperson at the Consulate of the Kingdom of Saudi Arabia in New York did not immediately respond to a request for comment.
The property is located on a promontory on Ridgecrest Drive. It sits behind large gates and overlooks the entire city from the Pacific Ocean to downtown Los Angeles.The owner has already done extensive due diligence detailing the possibility of building up to three estates of 30,000 square feet apiece on the site, according to marketing materials.
The main home, which is marketed as a tear-down, was built in 1961 and has three bedrooms and four bathrooms, according to data from real-estate website Redfin.
The holding company, Ridgecrest Holdings, has owned the property since 1996, records show, though it wasn’t clear how much it paid.
Entertainment mogul Jeffrey Katzenberg, the former CEO of DreamWorks Animation, lives next door, at a property he bought for about $35 million in 2009, records show.
Source: Wall Street Journal