Eric Schmidt Acquires Paul Allen's Beverly Hills Development Site For $64.9M
SOLD
$64,900,000
+ 3
California
See Similar DealsDevelopment Site
Sold
SOLD
Eric Schmidt Acquires Paul Allen's Beverly Hills Development Site For $64.9M
Beverly Hills, California, United States
See Similar DealsDevelopment Site
Sold
+ 3
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale
An undisclosed development site located in Beverly Hills has been sold for a whopping sale price of $64,900,000. The property, spanning an impressive 120 acres, offers immense potential for future development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $64,900,000
- Date of Transaction: 01/13/2022
- Market: Beverly Hills
- Seller: Estate of Paul Allen
- Buyer: Eric Schmidt - Google
- Brokers: Jeff Hyland, Rick Hilton & Zach Goldsmith - Hilton & Hyland & @JesseLally
Eric Schmidt, the former CEO of Google, has acquired the property from the Estate of Paul Allen. This significant transaction was facilitated by brokers Jeff Hyland, Rick Hilton, Zach Goldsmith, and @JesseLally from Hilton & Hyland. The acquisition of this expansive development site will surely prove to be an exciting venture for Eric Schmidt as he explores its potential future possibilities.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,461,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$230,576.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$307,659.11
Annual Debt Service$3,691,909.33
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