$500 Million Beverly Hills Parking Lot Scheduled for Foreclosure Auction
A plot of land containing a parking lot and a former Robinsons-May department store is scheduled for foreclosure auction after the British developers who purchased it in April 2007 for $500 million failed to deliver on the luxury condominiums that were slated to be built there. The original plan for the development called for 252 luxury condos along with 19,856 square feet or commercial space, all designed by Richard Meier, architect of the Getty Center. A Notice of Default was filed on the property in October 2008, and a few months later in March 2009, developers Candy & Candy tried to sweeten the development by suggesting a luxury hotel would be added to the mix "If the default is remedied by the owners’ of the site, Project Lotus LLC (CPC Group and Richard Caring)," according to Curbed LA.
But the revised plan does not seem to have panned out based on the Notice of Trustee's Sale scheduled for Feb. 19. According to the posting on RealtyTrac, the first loan amount on the property is $356,500,000. Given that buyers at the trustee's sale are required to pay in cash, you'll be able to spot prospective buyers by looking for anyone dumping truckloads of cash on the courthouse steps. What's more likely is that the sale will be postponed.
Rendering of proposed project (courtesy of Curbed LA)