Welcome back to the Real Estate newsletter. We’ve seen plenty of mega-mansions fetch astronomical prices over the years, but the mid-May market showed us just how valuable a plot of land could be.
Tobey Maguire kicked off the week by hauling in $10.75 million for an empty acre in Brentwood. No house. No grass. Just a patch of dirt in one of the most affluent communities in Los Angeles. It was the second-priciest land sale so far this year.
Shortly after, a 3,600-acre spread up in Ojai surfaced for sale with a much bigger price tag: $100 million. Known as Black Mountain Ranch, the working cattle and horse ranch combines 63 parcels and offers a bit more than Maguire’s property, with a mansion, four guesthouses, a lake, tennis court and shooting range.
A few celebrities also found places to settle down for the summer. “Black-ish” creator Kenya Barris paid $7.25 million for a home on the water in Toluca Lake, and media heir Lachlan Murdoch shelled out…