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September 19, 2020
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Unique Res Site in Pacific Palisades Entitled for Eight Custom Homes Sells for $8.25 Mil

8/11/20

In a unique, residential property sale on the westside of Los Angeles, a 1.5-acre, estate homesite in Pacific Palisades that had been fully entitled for the development of up to eight custom, high-end homes sold for $8.25 mil. The property is located at 560 – 620 N. Marquette St, on the south side of Sunset Blvd overlooking privately-owned Las Pulgas Canyon.

The existing property contains three structures: a 2.1k sf single-family ranch house built in the mid 1940's; a charming 500 sf cottage built in the 1930's; and a 1.8k sf post and beam home built in the 1950's. All three structures are viewed as teardowns. The property also features a salt water pool and spa, outdoor kitchen and fireplace and a mature vineyard that has been producing around 50 gallons of a private label wine known as "Paliscolo Sangiovese" since the mid 2000's.

The buyer is an executive in the gaming industry. From what we understand, the buyer plans to forego the entitlements for construction of the custom homes on the site and instead intends to redevelop the property as a family compound with a 10k sf to 12k sf estate home along with a 3k sf guest house.

Andrew Levant with Kennedy Wilson had the exclusive listing and represented the seller, who spent around $1.5 mil over the past four years getting the entitlements for the custom homes, complete with architectural plans and coastal approval. “In the end, it pretty much all went out the window because we sold to a true end-user who wanted to design and build their own dream house on a one-of-a-kind lot in the heart of the Palisades, with ocean views, and a mostly flat site behind gates,” noted Levant.

Heather Bell of The Agency repped the buyer in the deal.






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