Set to break records as one of the biggest homes in US history, this swanky pad with a $500 million price tag is on its way to becoming the most expensive property in the world. The current highest U.S. asking price is $195 million for Palazzo di Amore, a Beverly Hills, California, estate being offered by billionaire real estate entrepreneur Jeff Greene. The record for a sale was the $147 million that Barry Rosenstein, managing partner at hedge fund Jana Partners, paid last year for an estate in East Hampton, New York.
The project, set in LA’s upscale Bel Air neighborhood, will reportedly span across almost one hectares, with a 74,000-square-foot main residence and three smaller homes. The man behind the home is none other than Nile Niami, resident film producer and speculative residential developer, famous for the litter of ultra-posh mega mansions along the ultra-swanky streets of Bel Air and Holmby Hills, land of the rich and famous.
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 to showcase your collection of supercars and vintage collectibles. Niami’s project, on a 4-acre (1.6-hectare) hilltop lot, will have 360-degree views of the Pacific Ocean, Beverly Hills, downtown Los Angeles and the San Fernando Valley. Plans called for removal of almost 40,000 cubic yards (30,600 cubic meters) of earth, the equivalent of an American football field covered by 20 feet (6 meters) of dirt.
The mega mansion is being designed by Hollywood architect Paul McClean. McClean, who also designed a 14,000-square-foot spec house down the hill from Niami’s project, is known for creating sleek hillside mansions sold to entertainers and technology executives such as Tyler and Cameron Winklevoss — an enlarged, updated interpretation of the style pioneered by 20th-century Southern California modernist architect Richard Neutra.
McClean said he studied commercial buildings such as hotels, museums and art galleries for his latest design. Guests will be fully entertained with “almost every amenity available in the world”, and what Niami describes as a “Monaco-style casino”.
With five swimming pools, your very own in-house nightclub complete with the VIP lounge, jellyfish tanks in place of walls and ceilings in one lounge and other excessively lavish zones, the mansion is certainly something.
Despite having the biggest asking price among the properties of the world, Niami considers half a billion dollars to be a steal for this particular mega mansion. At around $5000 per square foot, Niami notes that the mansion is asking for less per square foot than what some Manhattan penthouses have sold for.
“We have a very specific client in mind,” says Niami. “Someone who already has a $100 million yacht and has seven houses all over the world, in London and Dubai and wherever.”
“To be able to say that the biggest and the most expensive house in the world is here will be really good for L.A.,” he says. “I really think that this house is going to do a lot for L.A. Anybody who lives in the area is going to be proud to be near it.”
Niami’s mansion is set to be the largest built in the U.S. this century, surpassing Versailles, a 90,000-square-foot chateau in Windermere, Florida, under construction for David Siegel, founder and chief executive officer of Westgate Resorts.
Notable residents of Bel Air, which is north of Sunset Boulevard and the University of California, Los Angeles, campus, include Tesla Motors Inc. Chief Executive Officer Elon Musk, President Ronald Reagan lived in Bel Air after leaving the White House.