When it sold last year for $90 million, the historic Owlwood Estate in Holmby Hills, Calif., set a record as the second most expensive sale in Los Angeles County. Less than a year after being purchased by Sturmer Pippin Investments, the sprawling estate is back on the market with an extraordinary asking price of $180 million.

After buying the property, Bob Shapiro—the head of Sturmer Pippin Investments and CEO of Woodbridge Luxury Homes—worked tirelessly with architects (including KAA Design Group and Meyer Davis Group) to create a redevelopment plan that would turn the historic grounds into a modern marvel. The plans, which will be included in the sale price, include an option to divide part of the 10 acres into buildable parcels or gated, standalone homes with a private street.

The property is currently anchored by a Tuscan-style villa designed by architect Robert D. Farquhar. Spread across 12,201 square feet, the nine-bedroom mansion features crystal chandeliers, marble fireplaces, moldings, and other bespoke elements. The redevelopment plans will triple the home’s size while leaving its historical integrity intact.

If the property sells for its asking price, it would set another real estate record in Los Angeles County, blowing away the previous crown. The most expensive property sold to date, of course, is the Playboy Mansion, which fetched $100 million last year. (Inquiries: Mercer Vine. Adam Rosenfeld, 310.595.5915.)