Once listed for $1 billion, a 157-acre parcel of land in Beverly Hills known as The Mountain has sold at a foreclosure auction to its lender for just $100,000.
An entity linked to the Mark Hughes Trust, a trust established to manage the assets of the late Herbalife founder Mark Hughes, won the property Tuesday at a trustee’s sale in Pomona, Calif., said Ronald Richards, an attorney for one of the former owners, Secured Capital Partners. The $100,000 price was far less than the roughly $200 million in debt the lenders had alleged was outstanding on the property.
No other bidders showed up to the auction, said Mr. Richards. Any other buyer would have had to pay at least $200 million, some of which was comprised of late fees and interest, for the property.
The Hughes family could sell the property again if they choose.
The parcel overlooks the Los Angeles basin and is thought to be among the most valuable pieces of land in the area. It was listed for $1 billion last year, but the price was later cut to $650 million. Amazon CEO Jeff Bezos was among the buyers who scoped out the property.
www.wsj.com/articles/americas-priciest-listing-sells-at-foreclosure-auction-11566326719