Touted as the city’s finest undeveloped piece of land, the 157-acre property redefined the luxury market when it listed for a record $1 billion last year. On Tuesday, it sold for a mere $100,000 at a foreclosure auction, a fraction of the $200-million loan outstanding on the property. — The Los Angeles Times
The Los Angeles Times digs into the creative financial maneuvering that resulted in the strangely low final purchase price for a 157-acre hilltop site recently billed as the most expensive property in Los Angeles history.
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