A development team that includes a real estate investment arm of JPMorgan Chase & Co. is offering the ultra-wealthy a rare opportunity to build mansions bigger than the White House on a hillside overlooking Los Angeles. Starting price: $115 million.
Junius Real Estate Partners, part of JPMorgan’s private bank, and developer Domvs London acquired an 11-acre (4.5-hectare) site near the Hotel Bel-Air a year ago, and are preparing it for three estates. The first lot will go on the market Tuesday.
“There’s a shortage of trophy properties that are available for sale in this pocket of Los Angeles,” Barry Watts, president of Domvs London, said in a telephone interview. “You’ve got high-net-worth people who want to own multiple homes across the world, and Los Angeles offers something different. If you want to drive your convertible car 12 months a year, it’s a city where you can do that.”