Enchanted hill Eric Schmidt

The $90 Million Block of Land that Keeps ‘Enchanting’ Billionaires

With the mega-wealthy more concerned with digital real estate in the metaverse, purchasing actual property on planet Earth feels somewhat antiquated in 2022. Perhaps it’s become more of a hobby, like collecting vinyls or old coins? Regardless, some tech billionaires are still repping the old school, with Eric Schmidt recently spending a cool AUD$90.5 million on a colossal piece of land in Beverly Hills. It’s yet to be determined what the former Google CEO will do with the vacant terrain. Maybe he’ll finish the job of the late Paul Allen, co-founder of Microsoft, who was its previous owner.

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Eric Schmidt Google CEO

Image: Getty Images

Known as Enchanted Hill, the property is widely considered one of the crown jewels of Beverly Hills real estate, with the 485,623-square-metre lot offering sweeping views of the North Pacific Ocean and the Los Angeles basin.

The 120-acre block will unquestionably go down as one of the biggest sales of the year. What makes the lofty price tag even more staggering is that there’s no actual house… good luck getting a wi-fi connection, Eric. With an original asking price of $209 million in 2018, many high rollers in LA could consider it a steal. However, with an estimated net worth of $32 billion, the $100 million saving wouldn’t even make a dent.

The Microsoft co-founder purchased Enchanted Hill sometime in the 90s for roughly $30 million. At the time, a 20-room mansion was on the site, designed by Californian architectural guru Wallace Neff. Allen demolished the estate to construct his own dream house, but sadly, was losing his decades-old fight with lymphoma. According to Mansion Global, Allen listed the precious asset just months before his passing in 2018.

Whether Schmidt intends to renovate or not, you won’t have to worry if he’ll have a roof over his head. Over the past couple of years, the 66-year-old and his wife Wendy have upgraded the property portfolio. Last year, the couple bought a Bel-Air mansion for AUD$85.7 million, while in 2020 they also acquired a Montecito residence for AUD$43 million.

Enchanted hill Eric Schmidt

Image: Getty Image

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STAFF WRITER

Sam Mangioni

Sam Mangioni is an experienced Staff Writer with an extensive background in digital content production and news. Prior to working for Man of Many, Sam spent three years at Southern Cross Austereo where he served as a Content Producer and News Reporter for the flagship Triple M Breakfast Program. The Sydney-based reporter completed a Bachelor of Commerce from Macquarie University Majoring in Marketing in 2014. A specialist in sport, lifestyle and gear coverage, Sam's work has also featured in Fight News Australia.