A high-profile Beverly Hills property next to the Beverly Hilton – once home to a ’50s-era Robinson’s-May department store – has been acquired by an investor group from Hong Kong and Singapore for more than $148 million, it was announced Tuesday.
The 8-acre property, 9900 Wilshire, was once owned by Candy & Candy Inc., the company of two jet-setting Monaco-based real estate developers, Nick and Christian Candy. The Candys made their name in London by developing high-profile projects such as One Hyde Park, an ultraluxurious residence in one of London’s most exclusive neighborhoods.
The Candy brothers had similar plans for 9900 Wilshire, which they bought for $500 million in 2007, but the property fell into foreclosure during the real estate downtown. It was acquired by one of the Candys’ lenders, Mexico billionaire Carlos Slim’s Banco Inbursa.
Banco Inbursa set up a private bidding auction, which was won by Joint Treasure International Ltd., a Hong Kong private equity firm. Joint Treasure acted on behalf of Chow Tai Fook Group of Hong Kong, Wee Cho Yaw Family Group of Singapore and David Chiu of Far East Consortium International Ltd., which is listed on the Hong Kong exchange.
The new owners say they intend to redevelop the property based on an approved plan created by Getty Center architect Richard Meier. The plan, which received entitlements from the City of Beverly Hills in 2008, allows 235 condominiums and 17,000 square feet of retail and restaurant space in a garden setting.
“This is an incomparable site that cannot be replicated and we intend to build a superb project offering world class luxury residences,” Daniel Yiu, Joint Treasure senior advisor, said in a statement. He noted that the new owners are familiar with the city due to their investment in the Regent Beverly Hills Hotel in 1995.
Law firm Allen Matkins Leck Gamble Mallory & Natsis advised Joint Treasure in the transaction.
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