Selling a sliver of land on my property to developers
I'm in the process of closing on a new house right now in a suburb near Los Angeles. The backyard currently overlooks a giant piece of undeveloped land. I spoke to the seller, and the seller disclosed that sometime in the 1970s, a developer wanted to buy a small sliver of his land (approx a 10 ft x 5 ft portion) so that they could build a road through it that leads to a major road. Reason being that the city would not allow further development of houses/buildings on this giant undeveloped lot behind the house unless it had closer access to a road. They offered him 40k at the time (this was 1970). He refused, because it would mean him and all his neighbors will now have neighbors in their backyards.

I am now closing on this house, and I am more than willing to sell that sliver of land lol. How would I even begin to do this? Should I just wait for developers/builders to come to me? How would I go about advertising that the previous owner just sold?
[{"id": "i5unvl5", "text": "They likely? won't know it changed hands. I would do a little research and see what can be built back there and if your sliver of land gets them, say $100m opportunity. Who knows you might strike a $5m deal on the ability to get that land to provide the chance at greater riches. If anyone was watching your land, they would be watching for the sale of the house, which they clearly missed.    \n\n\nAny neighbor is basically dead by now too and I wouldn't give a shit if I held the key strip of land to a massive development. Cash in and move.", "replies": [], "depth": 1}, {"id": "i5up7al", "text": "Eh if it was that long ago I'm sure it's not the same situation anymore if even the same project planned. Why they would need a peice of your land when they have such a giant one doesnt make sense. I wouldnt count on it.", "replies": [], "depth": 1}, {"id": "i5v1non", "text": "I live in LA. The raw land is worth what you can zone it and the neighboring surroundings for. If you want to give me the address I could look up zoning information for you.", "replies": [], "depth": 1}, {"id": "i5v981q", "text": "I would reach out to a agent that does lots of land sales probably a commercial agent and ask them about what it might all be worth with the new road etc. \n\n\nI highly doubt you'd be able to find the guys from the 70s but that doesn't mean no one will want it. I actually have a developer contact here in dfw that I will inform of off market big land deals I come across.", "replies": [], "depth": 1}, {"id": "i5wlsdv", "text": "Just look up who owns the property on GIS and find their contact info, then call them and strike up a convo.   If it were me I would be looking for a small equity peice in the development.  The fact they didn't just buy the house when it came up for sale might be an indicator of the maximum amount value you might be able to get out of them.", "replies": [], "depth": 1}, {"id": "i65eu24", "text": "If an entire development is dependent on a road going through that portion, it's worth a lot. It's totally dependent on what is going through there, but we just paid two neighbors for roughly 100*15 ft along their back for gravity-fed sewer access and shelled out over $500k for it. There were extra factors that led to it being worth that much to us (timing that meant either this year or 7+ years down the road). If it's a question of if it happens or not, you can get a pretty penny for it.", "replies": [], "depth": 1}]