It may be the ultimate Beverly Hills teardown.

British developers paid $500 million Tuesday for the once-grand Robinsons-May department store in one of the priciest property sales ever in Southern California, the Los Angeles Times reports.

The buyers said they would proceed with the previous owner’s plans to raze the store at 9900 Wilshire Blvd. and build a condominium and retail complex designed by Richard Meier, architect of the Getty Center.

The extraordinary price catapults Los Angeles County real estate values into the realm of such top European markets as London and Paris. It surpasses prices paid for such local landmarks as the Beverly Hills Hotel, Hollywood & Highland retail complex in Hollywood and Century City’s Fox Plaza office tower.

“We intend to see this vision through and bring Beverly Hills what will truly be the world’s most luxurious address,” said Nick Candy of Candy & Candy, the London-based firm behind the acquisition known for building “super-premium” residences.

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