There’s a new megamansion going up in Bel Air with an asking price of $500 million. You heard that right. $500 million.
Los Angeles-based film producer and speculative developer Nile Niami confirmed the asking price to Bloomberg this week. If sold at that price, it would shatter the record of highest-priced home in the U.S., which is currently an estate in East Hampton, New York that was purchased for $174 million last year by hedge fund manager Barry Rosenstein.
Reaction to the asking price has been mostly skeptical among observers of the luxury real estate scene in Los Angeles. for Niami, who has previously developed and sold megamansions in the U.S., is pretty skeptical. Words like “laughable” and “overly optimistic” have been bandied about, but it’s also been noted that previously unthinkable thresholds have already come crashing down recently and this could be the next step.
Construction has begun on this Bel Air megamansion and it will take about 20 months to complete, according to Niami. He told Bloomberg that the estate, which is on a hilltop and provides 360-degree views of Los Angeles, will have “almost every amenity available in the world.
Here’s just a sampling of what it will include:
There’s a main house with 74,000 square-feet of living space, and three smaller houses on the property that brings the total square-footage on the property to more than 100,000.
The master suite in the main house measures a whopping 5,000 square-feet. There is also a 30-car garage and a “Monaco-style” casino, according to Bloomberg.
Megamansions being built “on-spec” is a growing trend in Los Angeles as several have been built and sold in the last couple years. Naimi himself is no stranger to the practice. Bloomberg pointed out last year Naimi sold a home in Los Angeles to Sean “Diddy” Combs for $40 million.
Still, to think that this home would more than triple the all-time highest-priced for a home seems a bit far-fetched. Either way, it will be interesting to see what happens with this property in the coming months.
“The Patriot,” a 1998 action movie starring Steven Seagal, last September sold a Los Angeles home to entertainer Sean “Diddy” Combs for $40 million.
That was followed by the December sale of a Beverly Hills spec home for $70 million to Markus Persson, who last year sold his video-game company to Microsoft Corp. for $2.5 billion. In January, hedge-fund manager Steven Cohen closed on a Beverly Hills spec home for more than $30 million.