A foreclosure auction was delayed at the last minute for the Mountain, a 157-property in Beverly Hills that broke records when it listed for $1 billion last year.
Richards said the new owner, Tower Park Properties, has an open bankruptcy plan and requires three weeks notice of default before a foreclosure — which he said the lender never gave.
Views stretch from downtown Los Angeles to Catalina Island, and the closest neighbor is half a mile away. Disneyland, at roughly 85 acres, measures merely half the size of the property. After falling into financial trouble, Griffin sold the mountaintop for more than $8 million in 1997 to Mark Hughes, the founder of Herbalife, in a deal that reportedly set a price record at that time for Southern California.
When the property surfaced for sale at $1 billion, listing agent Aaron Kirman told The Times he envisioned a single buyer, perhaps a royal family from the Middle East or a Chinese billionaire. Of the approximately 2,800 billionaires in the world, he said there are 100 that could and would want to buy the property.
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