The property was taken off the market in 2016 after no serious bidders showed up. "As far as I know, there were no offers, and nothing was serious enough to make it go anywhere," said Scott Tamkin, a broker at Compass.

Earlier this week, the property was relisted with a 40% discount of its 2013 value, a $75 million price tag, which comes to about $291,000 per acre. "If you're looking at a map of the area and zoom out, you can see this raw parcel of land with everything built up around it," said Tamkin.

The undeveloped land is about 6% of the total land area of Bel Air.

According to a report by Douglas Elliman – Miller Samuel Real Estate Appraisers & Consultants, Bel Air mansions have seen a sale price drop of 6.1% this quarter. The report noted that Senderos Canyon plunging 40% is an anomaly.

Tamkin said Senderos Canyon's value collapsed because the initial asking price was unrealistic. "At that time, the market was a little bit different, and developers and sellers were listing properties at high numbers," he said. "We're in a market now where the reality is that prices need to be in the range that buyers want."