City of Beverly Hills Spent $5.25M on an Empty Lot
$332/SF for the Land. Why I Like It.
At a glance
closed Aug 24, 2026
ask, 640 days on market
16% below ask
15,836 SF lot
0.36 acres
Mixed Use Overlay
residential, as-of-right
ground-floor commercial req.
no mansion tax applies
Buyer: City of Beverly Hills (government / owner-user)
What matters
- $5,250,000 confirmed August 24, 2026.15,836 square feet. $331.52 a foot of land. Improvements on the county roll: $36,883. 0.71% improved. This is a parking lot.
- Buyer is the City of Beverly Hills.Owner-user. Redevelopment. Proposed use as multifamily and a parking lot.
- Ask was $6,250,000.They closed $1 million under, 16%, after 640 days. T.C. Macker and Woody Cook had multiple offers.
- The seller as The GRL Partnership / Bachmann Trust and Carole B. Winn Trustees.
The Location
401 S Robertson Blvd sits at the southwestern edge of Beverly Hills, a corner parcel by West Olympic Blvd.
The Setup
There is no building. The parcel is 15,836 SF of just Land.
The Government Buyer Variable
The City of Beverly Hills is not a developer. Its governing body approved a $5.925M general fund appropriation, meaning city taxpayers are funding the acquisition
Speculation only: My assumption, and it is only an assumption until the city publishes a redevelopment plan, is that this parcel becomes a municipal parking structure or a civic facility to serve the Robertson corridor, not affordable housing.
The city was the buyer of last resort, not a competing bidder.
I don't think many developers were ready to buy and build Apartments today Even in Beverly Hills.
What an Operator Sees
The City of Beverly Hills paid $5.25 million — $332 a foot — for a parking lot on Robertson after 640 days and a $1 million cut from ask.
That is not a private developer sprint. It is a government owner-user writing land money on a BHC-3 mixed-use overlay that CoStar prints at about 29 units and 2.0 FAR. No income. No cap. No site plan in the public tape.
For owners and brokers on Robertson, the second-order read is the floor: when the city is the buyer at $332 a foot, private bids have to clear a public comparable — and 640 days on market says even Beverly Hills dirt can wait. I would not bid against a city that wants the lot.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
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Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 5, 2026 edition of The Tape.