Commercial
Bank to take prime commercial property in Beverly Hills
(LA TIMES) - Jet-setting British developers are set to lose their prized real estate on a prime stretch of Wilshire Boulevard in Beverly Hills on Friday as a bank controlled by Mexican billionaire Carlos Slim completes a foreclosure.
The property slipping away from brothers Nicholas and Christian Candy is the site of the former Robinsons-May department store at 9900 Wilshire Blvd., next door to the Beverly Hilton Hotel at the boulevard’s intersection with Santa Monica Boulevard.
The Candy brothers, who planned to develop condominiums and a hotel, made headlines in 2007 when they bought the eight-acre parcel for $500 million. The jaw-dropping sum made the transaction one of the largest in the history of Los Angeles County.
Local real estate observers had trouble making sense of the price because the seller, Beverly Hills-based New Pacific Realty Corp., had paid $33.5 million for the property three years earlier. The Candys, though, had a track record of building super-premium residences for the mega-wealthy.
“Candy & Candy in the U.K. is what Tiffany is to jewelry here,” Laurie Lustig-Bower of brokerage CB Richard Ellis said at the time. “Therefore, they believe they will achieve record prices for their condos.”
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