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Would you drop $32 million on a basement with potential?
A $32 million luxury listing just hit the market in Beverly Hills, California — but there’s no mansion yet. In fact, it’s just a basement.
This ready-to-build estate, located at 1140 Calle Vista Drive offers what the listing agent, Justin Mandile of Sotheby’s International Realty, calls a“rare opportunity to complete an iconic estate.”
So far, only the basement foundation, perimeter walls, grading and retaining walls are in place, with irrigation and landscaping already set up. The permits have already been approved for a 13,600-square-foot modern masterpiece, meaning the site is fully prepped for construction.
This one-acre hillside lot sold in 2014 for $9.1 million — a fraction of today’s asking price. Even in 2020, it was listed for nearly $10 million less than its current price.
Mandile estimates finishing the home will cost at least $7 million, but believes the investment could pay off big time as the property’s value could soar between $60 million and $80 million once completed, the New York Post reported.
If completed as designed, the Beverly Hills estate will feature five bedrooms and eight bathrooms. Open-concept indoor-outdoor living spaces, a wellness center with a spa and indoor pool, and an entertainment basement with a home theater and private lounges are also in the plans.
One standout feature is the 3-Phase Power system, which ensures top-tier electrical capacity for high-end appliances, advanced home automation and extensive entertainment.
This cutting-edge infrastructure adds to the property’s appeal, but its prime location is just as impressive. Calle Vista Drive is known for its exclusivity and panoramic views of the Beverly Hills skyline, downtown Los Angeles and the Pacific Ocean.
The property’s listing encourages buyers to either stick with the current plans or customize them to their own vision. Either way, “1140 Calle Vista Drive is ready to become your ultimate dream estate,” Mandile said.