The newly branded Mountain of Beverly Hills property in Beverly Hills, Calif., has been put up for sale with a $1 billion asking price, The New York Times reported.

The 157-acre hilltop land plot is understood to be owned by limited liability company Secured Capital Partners and is being marketed with the help of Pacific Union Real Estate. The site carries a permit to be redeveloped into nearly 1.5 million square feet of living space across multiple buildings, according to the report.

With the same asking price, the California property was first put on the block without being officially listed in 2015. According to the paper, its sale was stopped after The Hollywood Reporter published a story on the legal troubles of the site.

Pacific Union's Aaron Kirman, the marketing agent for the property, said the asset's next owner will probably be an offshore buyer. The July 28 report added that Kirma was planning to fly to London, Qatar, Russia and China to meet with potential billionaires who would be interested in buying the property.

Secured Capital's Victor Franco Noval declined to comment on the planned divestment, according to the NYT.