Billionaire Jeff Greene has taken his Beverly Hills estate, once listed for $195 million, off the market.
After failing to attract a buyer, even after slashing the price by $46 million, the real estate magnate has a new plan: Turn part of the trophy property into an organic farm.
“We're going to grow tomatoes, potatoes, onions, corn,” the real estate magnate said. “We're going to talk to a local farmer who is going to take the product and sell in a local market. And, of course, we'll eat the organic foods.”
Greene said he realizes that land in nearby areas of Beverly Hills is going for $10 million or more per acre. But he said the property is currently vacant, since he and his family live in Palm Beach, Florida. And since part of the estate is already a working vineyard, adding additional crops made sense.
“Right now, part of the land is not really being used at all, so why is it crazy?” he said.
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Source: CNBC
