A villa that has been a staple in Lakewood Village, in the Newport Coast area of California, is in danger of falling apart.
The home is being sold off to a developer who plans to build a luxury hotel in the village’s former location, according to The Los Angeles Times.
The site was home to the local Italian restaurant La Chambre, which closed in 2000.
The house was originally built in 1892 and later housed an Italian bakery, an art gallery and a wine cellar.
Its most recent owner, Italian entrepreneur Sergio Zegna, bought the property for $1.6 million in 2015, according the Times.
He plans to use the house as a tourist attraction and build a hotel.
Zegra’s family has also built a vineyard in the area and plans to grow grapes for export.
The plan to develop the area is being pushed by developer Jovita Torres, who has also invested in the vineyards and vineyards of nearby Sonoma County.
According to the LA Times, Torres told the newspaper she wants to turn the property into a luxury resort and resort hotel.
“I want to create a new kind of community,” Torres told The Times.
“It is a place for the tourists to come and have a great time.”
Torres said she is planning to build restaurants and bars, but said she wants the site to remain a vacation destination.
The Los Angles Times reported that the development could cost $300 million, which would be the second-highest price for any luxury hotel and luxury home in the country, behind a property in Las Vegas.
It is not known if Torres and Zegina have a history of conflict.
The newspaper reported that Zega has previously had legal disputes with the county and the city of Newport Beach over land development.
Ziegna told the LA Weekly she plans to pay the $1 million price and hopes to build the hotel in a few years.
“We will start with the villa and work our way up,” she told the publication.
“People want to stay in Lakeview,” she said.