California Dreaming: Record $500 Million Tag on L.A. Home

0
California Dreaming: Record $500 Million Tag on L.A. Home

California Dreaming: Record $500 Million Tag on L.A. Home

One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million.

Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to city records. The project, which will take at least 20 more months to complete, will exceed 100,000 square feet, including a 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino,” Niami said.

“The house will have almost every amenity available in the world,” he wrote in an e-mail. “The asking price will be $500 million.”

Estates with views of the Los Angeles basin are the California counterpart to Manhattan’s penthouses or London’s Mayfair manors, drawing a global cast of financiers, technology tycoons and celebrities who collect trophy homes like works of art. Around the world, five properties sold for $100 million or more last year, and at least 20 others have nine-figure asking prices, Christie’s International Real Estate reported last month. []

LEAVE A REPLY

Please enter your comment!
Please enter your name here