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Auction scheduled for Secured Capital-owned Beverly Hills, Calif., parcel

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Auction scheduled for Secured Capital-owned Beverly Hills, Calif., parcel

Secured Capital Partners LLC is set to hold an auction on Aug. 15 for its 157-acre The Mountain parcel in Beverly Hills, Calif., the Wall Street Journal reported.

The property, also known as The Vineyard, was listed for $1 billion in 2018, but the price was trimmed to $650 million earlier this year.

Secured Capital is managed by Victor Franco Noval, whose father partnered with the property's previous owner Charles Dickens to build multiple homes on the site.

The publication noted that the auction follows the July dismissal by a U.S. bankruptcy court in Los Angeles of the company's petition to secure Chapter 11 bankruptcy protection.

The company has piled up more than $200 million in debt on the property, although the borrower has disputed the amount, the Journal wrote, citing court filings.