Record-Breaking $1 Billion Property Hits The Market In 90210

BEVERLY HILLS, CA – An undeveloped property with a record-breaking $1 billion asking price is hitting the market near Beverly Hills. The sweeping 157-acre property on a summit overlooking the city was branded "The Mountain," The Los Angeles Times reported.

The Mountain sits at the highest point in the famous 90210 ZIP Code, and it's the most expensive listing in the history of Los Angeles County, the Los Angeles Times reported.

A 120-acre plot owned by Microsoft Corp. co-founder Paul Allen is on the market in the same Beverly Hills Post Office area for $150 million, according to the newspaper. Last year, handbag tycoon Bruce Makowsky made waves when he listed his four-story mega-mansion in Bel-Air for $250 million.

Listing agent Aaron Kirman refers to the property as "the crown jewel of Beverly Hills." Views stretch from downtown Los Angeles to Catalina Island, and the closest neighbor is half a mile away. Disneyland, at roughly 85 acres, is a little more than half the size of the property, according to The Times.

The mountaintop has a history of royals and celebrities. It was once owned by a sister of the late shah of Iran, the Princess Shams Pahlavi, who had planned to build a lavish palace there, The Times reported. The property was later acquired by talk show host-turned-TV-producer Merv Griffin, who commissioned prominent designer Waldo Fernandez to create a marble-and-limestone mansion. It was never built.

City News Service and Patch staffer Emily Holland contributed to this post