Carlyle Capital has announced that construction is scheduled to begin next month on a hilltop property in Bel Air, California that includes some of the biggest names in the industry.
World renown real estate developer Ilan Sharone bought the property in November 2018 for $7.3 million with the help of partners Mark Atalla and Andrew Abas of Carlyle Capital. As a team they plan to demolish the existing structure to make room for a stunning 14,000-square-foot estate. Josh Altman, a star of Bravo’s Million Dollar Listing Los Angeles and an agent with Douglas Elliman, represented both Sharone, Carlyle Capital and the seller.
The unique site is a promontory lot in the heart of Bel Air, California with panoramic views from Downtown LA down to the Pacific Ocean. A vacant single-family structure built in 1941 currently stands on the 37,500-square-foot lot. It was redone in the 1980s, when a member of the band Fleetwood Mac bought the property for a family member. Alan Silverbach, who was considered a pioneer in international film distribution for 20th Century Fox, later took over the property and it was sold through a family trust when he passed last year.
Sharone will lead the development of the property on Bellagio Road according to Carlyle Capital. Construction is set to begin in February 2019 and the team plans to complete the new home in just 18 short months. Once complete, the ultra-private property will be listed for north of $30 million with Altman as the selling agent.
Throughout their 18-year history, Carlyle Capital has funded hundreds of millions of dollars in developments and loans through a variety of real estate transactions. They are looking forward to this particular development with such a prolific expert developer. Carlyle Capital is open to partnering with other seasoned developers for similar opportunities – building the dream is what Carlyle Capital is all about.