BEVERLY HILLS (CBSLA) — A prime piece of real estate that was initially offered at a whopping $1 billion has been sold for the bargain basement price of $100,000.
The Mountain, nearly 160 acres of prime Beverly Hills real estate with panoramic views stretching from downtown Los Angeles to the Pacific Ocean, took the luxury real estate market by storm last year with the its billion-dollar price tag.
Even with its prime location with killer views, the undeveloped parcel had some major baggage that included an outstanding $200 million loan owed to the estate of late Herbalife founder Mark Hughes and ownership transferred to the son of a convicted felon, according to the Los Angeles Times.
So the pristine property ended up being sold at a foreclosure auction in Pomona – right back to the Hughes Estate, which placed a bid on the property with credit from the debt they’re owed rather than cash, according to the newspaper. The foreclosure sale back to the Hughes estate means the $200 million they were owed has been forfeited.
The Mountain has moved, this time back to its original owner, for the first time in 15 years. It’s not clear whether there are plans to develop the property.