Buyers looking for the most extravagant of extravagance have that opportunity, courtesy of Junius Real Estate Partners, which is part of JPMorgan’s (JPM) private bank.
According to a report on Bloomberg, a team led by Junius and developer Domvs London are offering the uber-wealthy the chance to build a mansion overlooking Los Angeles, for the low starting price of $115 million.
Junius Real Estate Partners, part of JPMorgan’s private bank, and developer Domvs London acquired an 11-acre site near the Hotel Bel-Air a year ago, and are preparing it for three estates. The first lot will go on the market Tuesday.
“There’s a shortage of trophy properties that are available for sale in this pocket of Los Angeles,” Barry Watts, president of Domvs London, said in a telephone interview. “You’ve got high-net-worth people who want to own multiple homes across the world, and Los Angeles offers something different. If you want to drive your convertible car 12 months a year, it’s a city where you can do that.”
Buyers can buy on of the three sites at the development, called The Park Bel Air, for $45 million and build whatever they want, but Domvs has plans to build houses on each site, with designs that range from 56,000 to 61,000 square feet.
Watts told Bloomberg that the first of the three Domvs-designed houses has a starting price of $115 million.