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A Bel Air house previously owned by Hollywood director Michael Bay—then subsequently renovated by a Britain-based developer owned by two billionaire brothers—is going on the market for $45 million.

The approximately 15,000-square-foot mansion sits on a roughly 1-acre promontory, providing a 280-degree view from the Hollywood Hills to the ocean, said James Harris, who is co-listing the property with partner David Parnes of the…