The house will have almost every amenity available in the world….
In Los Angeles, where the median household income is $56,000, a $500 million house is being built.
Nile Niami, a film producer and speculative residential developer, is pouring concrete in L.A.’s Bel Air neighborhood for a compound with a 74,000-square-foot (6,900-square-meter) main residence and three smaller homes, according to city records. 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 and a “Monaco-style casino,” Niami said.
“The house will have almost every amenity available in the world,” he wrote in an e-mail. “The asking price will be $500 million.”
So in case you can’t quite grasp this size of this monster mansion, here’s a little perspective….
This compound has almost twice the square footage of White House.
Upon completion, it would be the biggest house built in America in the past century, and the price tag would be the most expensive of any home in the world.
The price tag (which, along with the square footage, has risen rather steeply as the house has neared completion) is aspirational; there is no guarantee that someone will pay $500 million for it. It could end up going for MUCH less. Several hundred million maybe? Maybe less? There’s no way it goes for have a billion.
We live in an era where a wealthy developer can feel comfortable investing the money up front to build a grotesque and obscene hilltop mansion on spec, secure in the knowledge that there is so much unused wealth circulating around the world that some rich
idiot person will pay a grotesque and obscene amount of money for this monstrosity purely for the sake of decadence.
(Um.. So meanwhile, in Nepal….)
But see for yourself. If you had a ton of extra cash to waste on a house, would you pick this one?
Photos courtesy of Bloomberg.