A 100,000-square-foot Bel Air mansion that’s been in development for seven years is set to hit the market for $500 million, a stratospheric price tag that would shatter records as the most expensive residential sale in United States history if it’s sold at asking price.
Nile Niami, a former movie producer with producing credits on “The Patriot” and “Point Blank,” among other films, told Bloomberg News that following numerous construction delays and financing issues the epic project is “almost done.”
“When you have something that’s as rare as the Mona Lisa, you can command whatever you want for it,” Niami told Bloomberg News last week.
Represented by Williams & Williams Estates Group, the property sits on three acres overlooking Los Angeles. The home’s extravagant amenities include a nightclub, four swimming pools, a bowling alley, a 36-seat movie theater, a 30-car auto gallery and 360-degree views of L.A.
Michael Leonard | The Society Group
If purchased at the listing price of $500 million — no buyer is currently lined up — the home would become the most expensive U.S. residential real estate deal ever, supplanting a $238 million Manhattan penthouse purchased by Citadel founder Ken Griffin in January 2019.
To help finance construction, Niami took out a two-year $82.5 million loan from Hankey Capital, and “faces an October deadline to repay the money, according to Hankey,” said Bloomberg’s Nic Querolo and Olivia Rockeman.
Does the estate’s value merit such an unprecedented asking price? Niami believes so.
“When the house was started, I had no basis to ask $500 million — now there are so many triple-digit sales in L.A. and the world that the asking price is not unreasonable anymore.”
For a virtual rendition of the mansion, see Skyline Development’s virtual tour here.
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February 04, 2020 at 03:57AM
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