Hilltop property linked to Betty Ford finds buyer

An 18-acre hilltop property that was once owned in part by former First Lady Betty Ford has found a buyer.

Sandra Vidal, the agent who represented the seller, said the property was in receivership with the sale due on November 30. Vidal, citing the pending closure, declined to specify the price but said the deal was close to the properties’ $ 30 million asking price.

The site, marketed as a developer gem, represents a rare and sizable chunk of vacant land in the Hollywood Hills. It is located off Cahuenga Boulevard East, just above Freeway 101, with views of the Hollywood Sign, Hollywood Reservoir, and downtown LA.

The 18-acre site was created by merging several plots. Part of the property once belonged to Ford, according to Forbes, and part previously belonged to violinist Israel Baker.

Ford, a native of Chicago and married to President Gerald R. Ford, established a base in Southern California at Rancho Mirage, Riverside County, in the years after the couple left the White House. The social-minded first lady co-founded the Betty Ford Center, an addiction treatment center in 1982.

She might have viewed the Hollywood Hills property as a place to expand the centers’ presence.

While there is no concrete evidence that Betty Ford intends to build a center on this land, it is a solid assumption, Shauna Walters, a Compass agent who previously had the list, told Forbes. in 2019, because the site has beautiful views and an overall peaceful and serene vibe.

The seller was Behzad Forat, a Studio City businessman, who bought 4.5 acres of the site from Baker in 2007 for $ 600,000, according to records. In 2015, Forat revealed its intention to build a residential complex of 250 units on the land; at one point he was also in talks with former LA city councilor Tom LaBonge to get a zoning change for the property in exchange for donating part of it for public use.

But development plans failed and the property was later marketed as a site for a special mansion. It was listed for $ 30 million in early 2019, then put on and off the market at the same listing price. It contracted once in April to be relisted in October.

He’s just ready for the next chapter, Vidal said of why Forats finally sold. He’s a businessman.

In addition to a residential complex or mansion, previous reports suggested that the hilltop property could potentially be used as some sort of large institutional building or foundation center, but for now the The future of the site remains unknown.

The identity of the buyers is not disclosed. Vidal added that she had never spoken directly to the buyer and was not aware of any plans regarding the property.

Contact Trevor Bach

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