Beverly Hills’ Billion-Dollar Fire Sale: Inside the Implosion of a Historic Hilltop Real Estate Deal!
How is that for a catchy headline!
Yes, a piece of property in the Beverly Hills 90210 zip code is the subject of a great piece of reporting.
This incredible article in The Hollywood Reporter, by Writers Scott Johnson and Peter Kiefer, tells the very twisted tale of a piece of property that was at one time valued at ONE BILLION DOLLARS!
The “Billion Dollar Implosion!
It’s a fascinating story with many twists and turns.
Here’s how the story begins:
“How did the expansive property, known as The Mountain, list for 10 figures and end up selling for $100,000 in a Pomona courtroom? Infighting, a Hollywood wannabe and a big bluff caused America’s all-time trophy property to end up in legal chaos.”
Yes, a property valued at one billion dollars sold for $100,000! Want to know more? Of course you do!
This is the first photo in the story:
BEVERLY HILLS, CA – APRIL 12: Oscar Generale, Kelly Preston, John Travolta and Victorino Noval attend John Travolta & Victorino Noval Honor Oscar Generale and the Cast of “Moose” & “Speed Kills” on April 12, 2018 in Beverly Hills, California. (Photo by Araya Diaz/Getty Images for Victorino Noval )
And here is the opening paragraph:
“One night in April 2018, Victorino Noval opened the doors of his Italianate mansion on Summit Drive in Beverly Hills for a spring gala. The event’s co-host was John Travolta and the guest of honor was Italian producer Oscar Generale. Travolta had starred in several of Generale’s films, including The Fanatic, in which he plays an obsessed fan of a movie star (the film would gross just $3,153 on its opening weekend). The guest list included financier Ron Burkle, actors Tom Sizemore and Tara Reid, Limp Bizkit’s Fred Durst (who wrote and directed The Fanatic) and an unusual mix of former professional athletes, including Italian soccer star Alessandro Del Piero and MMA fighter Chuck Liddell. Upon entering Noval’s house, everyone had to sign a nondisclosure agreement.”
This is a fascinating mystery about a piece of property that was valued at a billion dollars, and how it ended up this way:
“The Mountain, which just months before was still being touted as the country’s first and only billion-dollar parcel, went on the auction block for a paltry opening bid of $100,000. The Mark Hughes Trust bid unopposed, paying that amount, and more significantly, assuming the property’s $200 million in outstanding debt. Dickens was there that day and watched silently as the property for which he’d fought for 16 years was sold back to his rivals for 1/10,000th his original asking price.”
Folks, you HAVE to read this story!
Here is the entire article, a terrific piece of journalism in The Hollywood Reporter, by Writers Scott Johnson and Peter Kiefer – click here to see the entire story!
As you will read, the world of real estate in the 90210 zip code is indeed wild – just ask Jed Clampett!
Yes, those are The Beverly Hillbillies outside their mansion…and did you know that the original house was recently for sale?
Click here to see how much they reduced the price of this piece of TV history in order to make a sale!
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And not even a house to live in!
I read the whole article, John. Everything about all the deals and double-deals surrounding that plot of land reeks of corruption. Some people just have far too much money, no doubt about that.
Best wishes, Pete.
Pete, doesn’t it stink all the way through?!?!?! Thanks for commenting!
This must have been a real shocker for the owner, John. A wonderful property, a stunning view.
A really wild story with some “questionable” ties to the wrong kind of people…