In 1997, Paul Allen bought land in LA for $20 million; after listing for $150 million post-death, it eventually sold for $65 million

A huge piece of Los Angeles real estate once owned by Microsoft co-founder Paul Allen has finally changed hands after years on the market. Allen paid about $20 million for the 120-acre Beverly Crest property in 1997. After his death, the land was listed for as much as $150 million. The ridge-top property, known as “Enchanted Hill,” has now sold for $65 million, according to the Wall Street Journal and the Los Angeles Times.

Why was Paul Allen’s Beverly Crest property so special?

The 120-acre parcel is one of the largest undeveloped properties in the area. It sits high above Beverly Crest, with views stretching across the city, canyons and toward the ocean. Its unusual name dates back to the 1920s. At the time, screenwriter Frances Marion and silent film star Fred Thomson owned the property. Their neighbor was Hollywood actress Greta Garbo, who is credited with calling the land “Enchanted Hill.”


Marion and Thomson had commissioned famed California architect Wallace Neff to design a Spanish Colonial Revival home on the property. That house stood for decades before Allen purchased the land.

Allen eventually demolished the home after acquiring the property in the late 1990s.

The Microsoft co-founder had much bigger plans for the land. He envisioned a private estate with a mansion, equestrian facilities and a winery. That vision never became reality. Still, Allen did considerable work to prepare the huge property for possible development. He divided the land into five separate lots and added a one-mile private driveway, two gated entrances and utility infrastructure.

So while the property remained without a mansion, it was far from untouched.

How did the $150 million listing become a $65 million sale?

After Allen died in 2018, a trust connected to his estate put the property on the market. The original asking price was $150 million. The price was later reduced, with the property eventually offered for $95 million. There had already been interest from another famous billionaire. Jeff Bezos reportedly tried to buy the property for $90 million in February 2020, but that deal fell apart. The property returned to the market soon afterward. The eventual $65 million sale was therefore a major drop from the property's original $150 million price tag. The Wall Street Journal reported the sale, while the Los Angeles Times also reported that the 120-acre parcel had changed hands.

Jeff Hyland, Rick Hilton and Zach Goldsmith of Hilton & Hyland represented the seller. The property remains notable because of what it offers despite having no completed mansion. It includes sweeping views, a private road, two guarded entrances and utility infrastructure, all sitting on a large ridge-top parcel close to Beverly Hills.

Listing details suggested several possible futures for the land, including a large private residence or a subdivision into an exclusive gated community. The property was described as “truly the last of its kind.”

A major part of Paul Allen’s real estate legacy

The Beverly Crest property was only one piece of Paul Allen’s extensive real estate holdings. The late billionaire also owned a Spanish-style estate in Beverly Hills’ 90210 ZIP code. He bought that property in 1997 for a little more than $9.6 million. That 3.2-acre compound included a remodeled hacienda with five bedrooms, a family room, gourmet kitchen, gym, master suite and screening room. It also had a two-bedroom guesthouse, staff quarters, swimming pool and lighted tennis court. That property eventually sold for $45 million.

Allen’s estate also sold his enormous yacht, the Octopus, for $266 million, according to Superyacht Times. The yacht included a swimming pool, gym, library, room for two helicopters and a submarine.

Allen died in 2018 at age 65. Forbes estimated his net worth at $20.3 billion at the time of his death.

He had founded Microsoft with Bill Gates when he was 22 and left the company eight years later. He later focused on investments and philanthropy and owned the Seattle Seahawks and Portland Trail Blazers.

The Beverly Crest property now enters its next chapter without the mansion Allen once imagined. After decades of ownership, ambitious plans and changing price tags, the land that became known as Enchanted Hill has finally found a new owner.

FAQs

When did Paul Allen buy Enchanted Hill?
He purchased the property for about $20 million in 1997.

How much was the property originally listed for?
The original asking price was $150 million.