Candy's CPC Hands Back Site

According to Property Week, Christian Candy,  will hand over an eight-acre site in Beverly Hills to settle a dispute over a $365.5 million loan that’s in default.

Project Lotus LLC, controlled by Candy’s CPC Group, will transfer 9900 Wilshire  to a group of lenders led by Mexico’s Banco Inbursa SA, said a person involved with the deal who asked not to be named because the information is confidential.

CPC and Iceland’s Kaupthing Bank acquired the property in May 2007 from New Pacific Realty Corp. for $500 million, a record at the time for a development site with no approval for zoning variances. The price was 15 times more than what New Pacific paid three years earlier. Under architect Richard Meier’s plans, 235 luxury condominiums, shops and restaurants were due to be built on land containing a vacant department store and parking lot opposite the Beverly Hilton hotel.