Lender nears foreclosure on high-profile Beverly Hills property

02/19/2010 | Los Angeles Times (tiered subscription model)

A bank was preparing to foreclose on one of the most high-profile pieces of real estate in Beverly Hills, Calif., after the British developers, who purchased the eight-acre parcel in 2007 for $500 million, defaulted on a $365.5 million loan. The developers had planned a hotel-condominium development for the parcel, which sits next to the Beverly Hilton Hotel on Wilshire Boulevard and is the site of a former Robinsons-May department store.

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