Home-Site Parcel in Beverly Hills Sold by Bank

The Summit in Beverly Hills, a 93-acre home-site development that opened 5 1/2 years ago with much fanfare, has been sold by European American Bank, which had taken back the project through foreclosure.

Valley Forge Ventures Investments Inc. of Radnor, Pa., bought the project for about $10 million. The acquisition includes 48 home sites. Among these, five were sold contemporaneously with closure of the deal.

Originally, there were 93 home sites. Forty-three, including 12 to be sold with custom homes, are still available at prices from $250,000 to $450,000.