Los Angeles real estate: The $66 million sandpit that is struggling to sell

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In high-end real estate, it’s all about the address.

Which is why a huge sandpit in the salubrious Los Angeles’ neighbourhood of Bel Air, connected to a Colombian billionaire, is commanding $US45 million ($66.8 million).

The vendor, a Florida-based firm controlled by one of the world’s richest men, has been looking for a buyer since May last year, when the dust bowl was launched on the market for $US34 million ($48.7 million).

Although no ink has been scribbled on a sale contract, the price last month was bullishly lifted by another $US11 million ($15 million), according to The Real Deal.

The half-hectare site at 805 Nimes Place, high on a hill, captures views from the downtown LA CBD to the ocean.

Agents have positioned an outdoor lounge chair and coffee table on a slab in the photos, to lend a bit of life and colour, but it is doubtful deep-pocket buyers will need that spark their imagination.

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Read full article at www.nine.com.au