No Hollywood ending: Los Angeles property listed for $1bn sells at $100,000
[quote]Known as the Mountain, the property has been subject of furious, devilishly complex litigation pitting the heirs of Mark Hughes, the late founder of the wellness behemoth Herbalife, against an eye-catching assortment of oddballs and convicted criminals who thought, wrongly, that they were on to the deal of a lifetime.
[quote]One year and at least two bankruptcy proceedings later, the Mountain was auctioned off on Tuesday in a suitably low-key foreclosure proceeding held next to a fountain in decidedly unglamorous Pomona in the eastern Los Angeles suburbs. The upshot: the Hughes family trust reacquired the property for a nominal $100,000, and with it an estimated $200m in debt that has accumulated since the whole saga started.
| by Anonymous | reply 5 | August 23, 2019 6:47 AM
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The sale is a financial/money laundering scam by a bunch of pyramid schemers.
Merv is rolling in his grave.
| by Anonymous | reply 1 | August 22, 2019 12:09 PM
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[quote]More than 5,000 plants and 500 trees were transplanted to the property. [Forbes]
Why bother with all those trees at the top? What even is that - a parking lot?
| by Anonymous | reply 2 | August 22, 2019 12:13 PM
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If I were a billionaire with Zuckerberg or Walmart kind of money, I'd buy it and put a mansion compound on it with a helicopter pad. I'd create a huge English-style "country" estate.
[quote]Why bother with all those trees at the top? What even is that - a parking lot?
The land was obviously prepped for development that never actually proceeded with the actual buildings (or probably utilities, sewage, water).
| by Anonymous | reply 3 | August 22, 2019 1:48 PM
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Met Mark and his 2nd wife way back. He was a compulsive salesperson. She wanted to be an actress.
| by Anonymous | reply 5 | August 23, 2019 6:47 AM
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