LOS ANGELES, CA -- (MARKET WIRE) -- 10/05/2006 -- The last grand estate site in Old Bel-Air -- 12.4 acres across from the world-famed Hotel Bel-Air -- was put up for sale today (Oct. 6), and the brokers believe it may well result in the highest price ever paid for an American single family home site -- $75 million or more.

That's the word from Beverly Hills-based Westside Estate Agency (WEA) and The Greenwich Group International, a New York-based global real estate investment advisory firm -- representing the owner, ECP Acquisitions LLC, comprised of a small group of investors and developers.

The property, called The Park at Stone Canyon, was bought from Hollywood producer Steve Bing early in 2005. When Bing assembled the property -- over a nine-year period -- he envisioned having a house there and cleared the land of eight of the existing nine homes. As part of the current development plan, the remaining house was removed and a conceptual plan was created by Los Angeles-based Heritage Development Partners, one of the ECP investors.

According to WEA broker Stephen Shapiro, Bing paid $15 million and $13 million for the last two homes he acquired.

Among Hollywood luminaries who had formerly occupied homes on the property were Kim Novak, Red Buttons and Barry Manilow.

"The method of sale at The Park will be highly unusual in that we're marrying the formats used in conventional home sales and commercial investment property transactions," explained Robert W. Beeney, Greenwich's San Francisco-based managing director.

"The Park will not be priced," said Beeney. "Instead, it will be marketed the way investment bankers run a private auction -- different from a public auction in that the owner selects the buyer after negotiations based on the offers received; any conditions attached to the offers; and the buyer's ability to consummate the transaction."

In a public auction, he added, the bidding occurs at a set time and place with the property coming under contract to the highest bidder at the fall of the auctioneer's hammer.

WEA, widely known in the entertainment industry, is following traditional residential marketing methods in the Southern California area, and Greenwich, responsible for the remainder of the U.S. and internationally, will pursue procedures generally used in institutional property transactions, related Beeney.

"We believe the site will be bought by someone who envisions the land as a grand estate or family compound although a developer will also find this property most intriguing because of sub-division possibilities," the brokers say.

A conceptual plan created by the owner calls for a 30,000 square-foot compound including a main house, private movie theater, gym and office, swimming pool, lagoon, tennis court and pavilion, putting green, retreat house, guest house, staff quarters and acres of gardens and orchards.

Located in a fairy tale setting, the tri-terraced property -- with sweeping views of the city skyline -- Bel-Air Country Club and Pacific Ocean is distinguished by magnolia, palm and eucalyptus trees and a profusion of plants and flowers. In concert with The Park's sylvan privacy, stone retaining walls and stairways create a romantic ambience reminiscent of an era of castles and kingdoms.

"This is a property that in all likelihood will be bought by a billionaire who places a great premium on privacy while having ready access to the urban amenities of Los Angeles -- particularly its Westside," said Beeney.

From its inception in 1922, Bel-Air was conceived by developer Alphonzo E. Bell Sr. to appeal to the highly affluent. To reinforce its image as an enclave for the wealthy, Bell organized the Bel-Air Country Club and Bel-Air Stables. Lush landscaping and impressive gates on Sunset Boulevard at the east entry to Bel-Air Road and on the west entry to Bellagio Road were other symbols Bell used to reinforce the community's reputation as the most exclusive neighborhood in Los Angeles.

Today Old Bel-Air is the most desirable and priciest section of the community. "In fact," the brokers say, "there are very few properties available here."

Shapiro summed up the property this way: "When you have 12 acres to yourself, with the Hotel Bel-Air across the street as your watering hole, that says it all."

www.TheParkatStoneCanyon.com