The buyers may be planning to build a McMansion on the land. This tear down trend has been happening all over the country. Wealthy people buy a house in an upscale area and tear it down, so they can build a McMansion.
Persian Palace
Part of the problem is that the property tax on the property pretty much demands more than a modest three-bedroom 1937 house. Bradbury had been paying tax based on its 1975 value under Prop. 13. The new owner is going to be paying tax based on $1.75 million. I’ve heard of mortgage approval being dependent on tearing down the house and building something more commensurate with the land value.