Homes don’t get much larger or more fabulous than the ones in Los Angeles, but one developer is looking to surpass even those expectations with a new project. Film producer and speculative residential developer Nile Niami has undertaken a project so grand, it may just break a national record.
Niami is behind the construction of a new home in Los Angeles’ Bel Air neighborhood that is going to be approximately 74,000 square feet. Additional homes around the complex will bring the total square footage of the project to more than 100,000 square feet, which will make it the largest home in the country.
In a home that large there is plenty of space for amenities. The home will reportedly boast a 5,000-square-foot master bedroom, a 30-car garage and what Niami described to Bloomberg as a “Monaco-style casino.” The home is going in on a 4-acre lot atop a hill that offers 360-degree views of the surrounding sites including the Pacific Ocean, downtown Los Angeles and the San Fernando Valley.
“The house will have almost every amenity available in the world,” Niami wrote in an e-mail to a Bloomberg reporter. “The asking price will be $500 million.”
If the home does fetch this asking price, it will exceed a world record set by a London penthouse sold in 2011 for $221 million. Until the home is built and hits the market as a speculative property, the home listed with the highest asking price in the U.S. is Beverly Hills’ Palazzo di Amore.
Luxury Spec Homes Becoming More Popular in Los Angeles
Although many homes in this extreme price range are often commissioned and thus highly personalized for the luxury home owners who ordered them up, luxury spec homes have become more popular in Los Angeles since the Great Recession.
Niami has been a strong developing force in this market as well. Just last year the developer sold a spec home to entertainer and mogul Sean “Diddy” Combs for $40 million. Not long after that, in December, the largest spec sale in history occurred when video-game developer Markus Persson beat out Jay-Z and Beyonce for a Beverly Hills mansion that cost $70 million. The spec home fever carried over into the new year as well when hedge-fund manager Steven Cohen picked up a Beverly Hills home for $30 million.
The increasing popularity of ultra high end speculative homes in Southern California points to a growing luxury real estate market. More and more, wealthy personas are flocking to the region to settle down and as a result real estate is becoming more coveted.
“We used to think 18,000 or 20,000 square feet was massive,” said Peter McCoy, a luxury home contractor. “The guys that are doing spec homes, they’re all sitting there hoping to hit a home run. You’ve got to be a big risk-taker, to like building big homes rather than going to Las Vegas.”
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