Previously asking $1 billion, Los Angeles’ largest parcel of land has sold for $100,000
In an effort to delay the auction, controllers of Secured Capital Partners transferred ownership of the property into a new LLC called Tower Park Properties but that only bought them a few days time. A new auction date was scheduled for today when representatives from the trust were there to buy it back for a mere $100,000. The story might not end here, however, since the Tower Park Properties had an open bankruptcy plan which required three weeks notice of default for a foreclosure.
The many twists and turns of ownership over this land turned into a saga somewhere around the year 2000 when then-owner, Herbalife-founder Mark Hughes, was found dead at the age of 44 from what wasof alcohol and the antidepressant Deoxpin. The property was entered into a trust that Hughes’ son, currently in his 20s, would inherit the entirety of at the age of 35, but in the intervening years the managers of the trust sold the property to Atlanta investor Charles Dickenson for $23.75 million.
None of those potential buyers ever progressed past the preliminary stages, and while the LLC obtained several permits to build on the land, nothing has ever materialized—though it has spent a reported $30 million on bringing the infrastructure up to what the site would need to support multiple families living there. That included electrical works, an advanced storm drain system, a fire hydrant booster system, fiber optics, roadwork and more than 5,000 plants and trees.
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