THE PROJECT : 9900 Wilshire Blvd, Beverly Hills. CA. A 235 Super Luxury Condo Hotel with an average projected selling price of $5 Million each.
THE INVESTMENT : $125 Million for the purchase of the Land, a further $600 Million for the preparation and building of the complex. Investments from a minimum of $100 up to a maximum of $1 Million per investor.
R.O.I. : A net realized return of 15% over the first (from the date of completion of the project) 10 years with full repayment of investment in the 10th year.
Kaupthin, Iceland's biggest bank, had a 40 per cent stake in the 9900 Wilshire project, that super-luxury condo project being designed by Richard Meier. And following the bank's total collapse, 9900 Wilshire developer Candy & Candy aka the always stern-looking Christian and Nick Candy has bought out the bank's stake, paying a figure that is a lower sum (because of falling values) than the original price paid. (The original purchase price of the property was $500 million). "Nick Candy would only say that "market rate" had been paid by the CPC Group, the company owned by his brother Christian. The brothers normally use third-party funding to finance deals and had been sounding out new investors over the past few days." . NPJT has now secured an option to purchase this property for the sum of $125 Million, this includes all approval and architectural drawings and building approvals from the city of Beverly Hills. On February 19th, 2010, the posh British development team Candy & Candy and Iceland’s Kaupthing Bank handed back ownership of 9900 Wilshire Blvd in Beverly Hills to a bank controlled by Mexican billionaire Carlos Slim. The developers had defaulted on their $365.5 million loan, which had been one of the largest transactions in Los Angeles County. This 8-acre site, formerly home to the Robinsons-May Department store, was to be home to 235 super-luxury condominums designed by Richard Meier. Candy & Candy had successfully promoted similar developments, such as One Hyde Park in Central London.
But times change, and the project never got past the drawing board. It was believed even more money could have been lost if the project saw the light of day and its multi-million dollar condos were languishing on the market. Whoever the new owner is will have a lower cost-basis and the ability to set prices at realistic levels.NPJT now has taken this project under its portfolio.