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Prince looked around as if he were worried that someone might overhear them. “I understand that Arrington Calder has bought two pieces of property adjoining her Bel-Air estate. This is a matter of public record.”
“Then I have no problem confirming it,” Stone said.
“May I ask, then, what do those acquisitions bring her total acreage to?”
“I believe it’s eighteen acres,” Stone said.
“And this is quite near the Bel-Air Country Club?”
“Some of the property is directly across the street.”
“May I ask,” Prince said again, “how she and her late husband came to own such a large chunk of Bel-Air?”
“In much the same way that Vance Calder came to own such a large chunk of Centurion: a little at a time, as he was able to afford it. Vance enjoyed his privacy, and he liked having his neighbors, whoever they might be, at some remove.”
“It astonishes me,” Prince said, “that this piece of property could exist in Bel-Air without my having known about it until now.”
“Neither I nor my client has concealed this from you.”
“I would like you to know, and I would be grateful if you would communicate this to Mrs. Calder, that I would be very interested in buying the whole property from her.”
“For what purpose?” Stone asked.
“You may recall that I am in the hotel business,” Prince replied.
“You want to build a new hotel in the heart of Bel-Air?”
“That is correct.”
“In spite of the nearby competition from the well-established Bel-Air Hotel, which has just undergone a major refurbishment?”
“I am competitive by nature,” Prince said, “and I am perfectly capable of creating a hotel experience that would outshine that of the present hotel.”
“Would this have anything to do with your inability to buy the Bel-Air Hotel?” Stone asked.
“As I said, I am competitive by nature.”
“Well,” Stone said, “that is a very interesting idea. What makes you think you could get planning permission to build a hotel on that site?”
“I have already explored that possibility with the relevant authorities, and I am assured that they would regard a low-rise, discretely designed and landscaped hotel a welcome addition to the community. They were particularly pleased that I offered to put all parking underground.”
“Well, that’s all very optimistic of you, Mr. Prince.”
“Call me Terry, please.”
“Terry, what sort of offer did you have in mind for the property?”
“Something on the order of a hundred and fifty million dollars,” Prince replied.
Stone shook his head. “I don’t think I could recommend such a price to my client.”
“What did you have in mind?” Prince asked.
“Well, I haven’t had the opportunity to research the land values, but I should think something north of two hundred million dollars would be a good starting point for negotiations.”
Prince blinked. “And you haven’t researched the land values?”
“No, but I know what Mrs. Calder paid for her two recent acquisitions, which were based on the property values of four years ago, when her late husband took the options.”
