Last-ditch effort to sell Senderos Canyon spread
By Dolores Quintana
Bel-Air, one of the most exclusive neighborhoods in the United States, usually isn’t known for real estate auctions, but that is exactly what is about to happen. 260 acres of undeveloped land within the area, or 6% of the neighborhood, is now up for auction as reported by The Los Angeles Times.
According to Cision PR Newswire, “Senderos Canyon, the single most monumental land opportunity in Los Angeles comprising approximately 260 sweeping, pristine acres in the heart of Bel Air, is now listed for sale by auction via Paramount Realty USA, a prominent national auction firm. Bidding is set to begin today, January 24, 2023, at 12:00 p.m. Pacific Time, through the auction deadline of 4:00 p.m. Pacific Time on March 15, 2023. Represented by Melinda and Scott Tamkin of The Tamkin Real Estate Group at Compass, Senderos Canyon is situated across three contiguous undeveloped parcels representing an astounding six percent of Bel Air’s total land area. This rare, untouched canyon is also known as the last available parcel of land of this size in the Greater Los Angeles area. Such staggering scale in an unrivaled position nestled in Los Angeles’ most prestigious residential enclave presents the unique opportunity to craft the legacy and landscape of Bel Air.”
The minimum bid for the auction is $39 million which is discounted from the original selling price of $125 million or 70% less. The seller, a limited liability company called Giro Properties, guarantees that any buyer who closes the sale before March 31 will be awarded a $2 million credit. The credit is an incentive for both the buyer and the seller. The auction dates and the March 31 closing date are timed to avoid the increased transfer tax rate mandated by Measure ULA going into effect. The property has been on sale since 2013 with no takers.
Senderos Canyon’s total area starts at the Santa Monica Trailhead and is bordered by Mulholland on the north, Moraga Drive on the south, Bel Air Crest on the west, and Linda Flora Drive on the east.
Co-listing agent Scott Tamkin of Compass, said via a press release, “Land is king. With the opportunity to establish a legacy for generations to come, the acquisition of Senderos Canyon presents a once-in-a-lifetime chance to own an unrivaled crown jewel portfolio asset in coveted Bel Air. In the immediate vicinity, there are currently eight homes for sale ranging from $50 million to $150 million, with the largest parcel being only five acres. At over 260 acres, Senderos Canyon will be offered at an astonishing minimum bid with vast possibilities for the amazing property.”
The potential for development of this untouched land, one the last such parcels in the city of Los Angeles, is unmistakable. While many ideas have been floated, according to The Los Angeles Times, the most likely use for the land would be luxury homes and apparently, about 17 such homes would fit within the land parcel’s boundaries.