One of the highest profile real estate properties in the U.S. – 9900 Wilshire Boulevard in Beverly Hills – has been acquired by major trophy property investors from Hong Kong and Singapore for US$148.3 million. The investors plan to create a landmark development on the eight-acre site which sits at the prominent intersection of Wilshire and Santa Monica Boulevards.
Purchased for a record breaking $500 million in 2007 by jet-setting British developers Nicholas and Christian Candy and their CPC Group, the property fell into foreclosure early this year and was acquired by Carlos Slim ’s Banco Inbursa, one of the lenders. Banco Inbursa set up a private bidding auction that was won by Joint Treasure International Ltd., a Hong Kong-based private equity firm specializing in global real estate that represents major family investors.
“This is an incomparable site that cannot be replicated and we intend to build a superb project offering world class luxury residences,” said Daniel Yiu, Senior Advisor to Joint Treasure.
