Microsoft cofounder Paul Allen purchased a massive tract of land in 1997 only to tear down the existing mansion and let the 120-acre plot remain undeveloped while the rest of the real estate world sat back and wondered what he was going to do with it. After two decades of ownership he put “The Enchanted Hill” on the market this summer as a private listing with an asking price of $150 million. Now that it has become part of his estate, it is going to remain for sale with the hope someone will take on the development project.
The land is not far from Beverly Hill’s Rodeo Drive but still takes in ocean and mountain views from its perch. The home that was originally built here was for a Hollywood power couple of yesteryear—Fred Thomson, who starred in silent films as a cowboy, and his wife, Francis Marion, who won two Oscars for screenwriting. Then Paul Kollsman, who invented the altimeter, bought the property and expanded the land ownership from 24 acres to the 120 that it is today. Paul Allen became only the third owner of the property in its selling history and now it is looking for its fourth.
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Billionaire Paul Allen’s Private 120 Acres Asks $150M