The highest end of residential real estate is crazy, especially in Los Angeles. These luxury homes are so unbelievable that a whole new word needed to be created for it. It’s no one these gargantumansions have a nine-figure price tag.
Nile Niami, a developer and Hollywood producer is in the middle of building what is currently expected to be the most expensive home in the country and possibly the world. On a sunny hilltop, this 100,000 square foot mansion in Beverly Hills is expected to hit the market next year and will be half a billion dollars. That is about five times as much as any L.A. house that has ever sold for. The house’s asking price had many believing that it was some absurd marketing ploy, but Nile Niami is planning to make it worth exactly that.
When you’re expecting a half billion dollars, everything has to scale up including the views and from this hilltop, the span 360 degrees including the San Gabriel Mountains, the Pacific Ocean, and Niami’s Rolls-Royce Phantom convertible that is parked in the driveway below.
So far the record-holding Fleur de Lys estate had gone for $102 million the year before. This is still more than twice the price of the world’s most expensive known house sale, the London penthouse at Hyde Park. In 2011, this $221 million penthouse was sold to a Ukrainian billionaire Rinat Akhmetov.
According to the Wall Street Journal, fewer than 10 U.S. homes have ever sold at $100 million or more and three of those homes were in California. So far, the priciest property in the state of California was a home in Silicon Valley bought at $117 million by Softbank CEO Masayoshi.
For decades, Los Angeles has been shadowed by other cities like New York and London. Things are quickly changing for this city in the year 2015 and soon to be 2016. With Los Angeles catching the eyes of several billionaires, developers and property owners are excited to cash in. This has lead to a huge rise in gargantumansions and their prices.
Three separate spec homes crowning a hilltop in Los Angeles, also known as The Park Bel Air, are being priced at $115 million to $150 million and range somewhere between 56,000 and 61,000 square feet. These homes will be made to order, but already have plans that include amenities such as “Champagne room”.
Purchasing one of these gargantumansions is no easy task. Money aside, setting up a transaction can be complicated. That’s why you need a professional and experienced real estate agent on your side so you won’t have to miss out on another real estate opportunity. SuzanneDranow.com is the luxury real estate agent with the professionalism you can trust.