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One of the most salivating deals in real estate is now officially accepting offers.
Premiere Estates is handling the no reserve court ordered auction of a Bel Air California property originally listed at $9 million and they have officially posted the information for prospective buyers on their website.
The property is located at 901 Strada Vecchia Road in Bel Air, Los Angeles and the total site is 1.2 acres. Nestled at the end of one of Bel Air’s most coveted streets and covered by a tree line, this property provides its owner with the ultimate level of privacy, while still being adjacent to the Bel Air Country Club and several globally renowned restaurants in Downtown Beverly Hills. This world class estate also offers stunning views of the city and the canyons that surround it.
Bids for the property are due no later than 9/27 at 12 pm PST and this will be a no reserve auction, meaning the sale will go to the highest offer regardless of price and confirmed by the court. Prospective buyers interested in making a bid must provide proof of funds along with a $250,000 registration deposit.
This property is finally up for sale after several years of contention between the previous owner Mohamed Hadid. Hadid is a real estate developer known for building some of the biggest properties in California, and for his world famous supermodel daughters Bella and Gigi Hadid. Hadid also has a $250 million mega mansion in Los Angeles listed for sale, which would make it the most expensive home in America.
Mohamed built the property against the regulations and codes approved by the city. Thus it will be demolished after the sale is consummated at no extra cost to the buyer and the new owner will have the chance to build their dream home on one of Bel Airs best pieces of land.
The circumstances that brought such a valuable property to auction may have been highly unusual, but this rare real estate gem is sure to draw buyers who see the chance to either flip the property for a massive profit or finally build the house they’ve always wanted.