Tear-downs: Two lots, one future home

“Development opportunity,” “selling for land value” and “as is” are phrases used in real estate listings to describe tear-downs, those homes probably destined for the wrecking ball.

In the Los Angeles area — where location, views and acreage can often exact a higher price than a structure itself — such designations apply to more than just dilapidated homes.

Mansions with multimillion-dollar price tags, former homes of famous owners and estates designed by renowned architects can also fall into this category. In this occasional feature, we’ll highlight tear-downs of note.

::

Basketball great Elgin Baylor once made his home at the end of a quiet cul-de-sac on Marcheeta Place in Hollywood Hills.

Now, it’s a level plane on which to build a dream home. Priced at $12 million, two properties are being offered together to make a roughly 1.3-acre site of which nearly two-thirds is flat. Views take in the cityscape and stretch to the coastline.

One of the sites is the dated contemporary standing at 1871 Marcheeta Place that was Baylor’s house. The two-story home was built in 1964, four years after the forward’s longtime team, the Lakers, moved to Los Angeles.

The second of the lots, at 1865 Marcheeta Place, has already been cleared of what was a 1960s home with 3,485 square feet of living space.

Artist renderings show a multilevel contemporary by Vantage Design Group that could be built on the acreage complete with eye-catching fountains and glass walls to take in the vistas.

Jon Hamner of the Agency and Benjamin Bacal of Rodeo Realty are the listing agents.

[email protected]

Twitter: @LATHotProperty

To submit a candidate, send high-resolution before and after photos via Dropbox.com, along with the name of the photographer, to [email protected].