The prices on the real estate market in Los Angeles (United States) are as fantastic as the films from the Hollywood Studios. The best example: the plot of The Mountain in the Rich area of Beverly Hills. Originally, the Land should cost in a Prime location of 1 billion dollars – the equivalent of 978 million Swiss francs.
Later, the price dropped to 650 million and then 150 million. At the end of the forced selling auctioneer of The Mountain for not even a whole 100’000 Swiss francs. 0.01 percent of former mega-prize!
The buyer is a Foundation. This manages the estate of Mark Hughes (†44) for the 20-year-old son until the age of 35. Birthday. Thus, the last will and Testament of the deceased wants it. The business man had made as the founder of Herbalife, with the sale of food Supplement products a fortune.
bargain for a buyer
Before his death in 2000, Hughes owned the piece of Land already. But the Foundation sold it to an Investor. This had big plans, but apparently to little money. The Deal, which he financed with a 45-million loan, he also received from the Foundation. With interest, the debt has grown to almost 200 million Swiss francs.
The plot has separated the Investor a while ago. The debt, but weighed more heavily on the country and the price is also the reason for the bargain. This was only for the Foundation. As the buyer waives their Mega-credit. All the others would have to pay at least 200 million Swiss francs. To much, except for the Hughes family, there were no other bidders.
Also, Jeff Bezos (55). The Amazon founder is said to have once interested in the plot and it is also several times visited. But, in the end he had decided that the Land was overvalued at a dream location. At least it is according to the “Wall Street Journal” from informed circles.
the Drama of The Mountain is Whether with the purchase of the Hughes Foundation to the end, remains to be seen. A previous owner has announced, according to the newspaper “Los Angeles Times” already, to want to against the foreclosure actions. Also, it is unclear whether the land will now be cultivated after many years. (jfr)