$1Bn Hollywood Hills Plot Eventually Sells For $100,000

A 157 acre plot of land in the Hollywood Hills of California which had been listed for sale for $1bn eventually sold for $100,000 at an auction this week.

The plot, however, is not the prime property opportunity it might appear. Known as the Mountain the plot has in the words of The Guardian report: “Been subject of furious, devilishly complex litigation pitting the heirs of Mark Hughes, the late founder of the wellness behemoth Herbalife, against an eye-catching assortment of oddballs and convicted criminals who thought, wrongly, that they were on to the deal of a lifetime.”

The Mountain has now been sold at a foreclosure auction and bought by the lender on the property The Mark Hughes Trust for a nominal $100,000, plus an estimated $200m in debt that has accumulated over time.

Reports say the sale is far from the end of the matter, as legal challenges to the new ownership could well be in the pipeline. So, it is debatable whether anyone will ever make any money from the plots except, of course, the lawyers for whom the plot will most likely prove to be a £1bn investment.

Source The Guardian
You might also like