Hot Property: 'Mountain' price tumbling down
LOS ANGELES - In Beverly Crest, a prime piece of land branded as the Mountain just got an avalanche of a price cut. After listing for sale last summer at $1 billion, the property is now offered for about one-third less: $650 million.
Real estate experts tout the property as the finest undeveloped parcel in Los Angeles - and perhaps deservedly so. At 157 acres, it's about twice the size of Disneyland. It reigns over the city at Beverly Hills' highest point, soaking in panoramic views from downtown L.A. to the Pacific Ocean to Catalina Island.
The price chop follows reports of a back-and-forth negotiation last month in which Malibu developer Scott Gillen
