Beverly Hills ‘mountain’ once asking $1B sells for price of a car

A 157-acre “mountain” in Beverly Hills, which hit the market last year asking a princely $1 billion, has sold at auction for the remarkably paltry sum of $100,000.

That’s a whopping 10,000% discount.

The property in the famed 90210 ZIP code was last asking $650 million.

The lucky buyer at a sparsely attended foreclosure auction on Tuesday was the estate of late Herbalife founder Mark Hughes, which previously owned the distressed yet nonetheless mouthwatering luxury development opportunity, according to the Los Angeles Times.

Roughly twice the size of Disneyland, the property’s prime location northeast of the UCLA campus and Holmby Hills boasts 360-degree views from downtown Los Angeles to Catalina Island.

With 32 acres of flat buildable land, per the Realtor.com listing, it has long been a dream site to develop real estate for billionaires, royalty and celebrities.

It was previously owned by Princess Shams Pahlavi — a sister of the late shah of Iran –- as well as legendary television host Merv Griffin.

But as with any too-good-to-be-true deal, there’s a catch.

Hughes sold the property in 2004 to investor Chip Dickens, who borrowed roughly $45 million from the Hughes estate as part of the deal. Today, that debt has grown to nearly $200 million with interest.

Ref: Property Report