The Beverly Hills development site formerly owned by the Candy Brother’s CPC Group has been sold to a consortium of Asian investors for $148.3m (£93.3m).
The Candy’s bought the 8-acre site at 9900 Wilshire in 2007 for $500m.
It fell into foreclosure earlier this year and was taken over by lender Mexican billionaire Carlos Slim’s Banco Inbursa when the Candy’s failed to repay a $356.5m loan.
The new owners of the former Robinson’s-May department store, are trophy property investors from Hong Kong and Singapore, who plan to create a landmark development on the eight-acre site at the intersection of Wilshire and Santa Monica Boulevards.
The consortium partners: Chow Tai Fook Group of Hong Kong, Wee Cho Yaw Family Group of Singapore, and David Chiu of Far East Consortium International Limited, previously purchased the Regent Beverly Wilshire, a Four Seasons Hotel, in 1995.
Daniel Yiu, the senior advisor to Joint Treasure, a group representing the investors, said: “This is an incomparable site that cannot be replicated and we intend to build a superb project offering world class luxury residences”.
In 2008 the 9900 Wilshire site got planning approval for 235 condominiums and 17,000 sq ft of shops and restaurants set amid extensive gardens designed by architect Richard Meier.
bridget.oconnell@estatesgazette.com
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