Drop $60 Million, Build a Mansion, Become a Prince of Bel Air

(Bloomberg) -- In what’s being billed as a “last of its kind” opportunity for the ultra-wealthy of Southern California, a 4.6-acre (1.9-hectare) parcel ready for development is coming on the market in the exclusive community of Bel Air. Asking price: $60 million. Just build a mansion on the land, and join such local nobility as Elon Musk and Jay Z and Beyonce.

The plot -- near the tony Hotel Bel-Air and Bel-Air Country Club, and offering panoramic city and canyon views -- will be listed Monday by brokerages John Aaroe Group and Hilton & Hyland, and two smaller pieces of land will follow. Owners Junius Real Estate Partners, part of JPMorgan Chase & Co.’s private bank, and developer Domvs London put the properties up for sale two years ago, then pulled them to obtain permits, pave roads and do other prep work to make the land shovel-ready and thus more enticing to potential buyers.