Real estate developer Nile Niami used to work as a movie producer, producing an array of low-budget genre films in the 90s and early 2000s. But then he switched over to the real estate/megamansion game, and he’s now putting the finishing touches on a true blockbuster: it’s called The One, and it will soon hit the market with an eye-widening asking price of $500 million.
If it sells at that price, it would be the most expensive home ever sold in America. And as Niami recently explained in a Bloomberg interview, he thinks it’s worth every penny:
“When you have something that’s as rare as the Mona Lisa, you can command whatever you want for it…When the house was started, I had no basis to ask $500 million—now there are so many triple-digit sales in L.A. and the world that the asking price is not unreasonable anymore.”
That price has remained in place since it was first announced way back in 2015, and it reflects a property that’s on the absolute cutting edge of luxury residential real estate. It’s got four swimming pools, a bowling alley, and even a nightclub among its amenities, all built to spec without any specific buyer in mind. That doesn’t seem to worry Niami though:
“I’ve had potential buyers a long time on this…We have a list of very real, verifiable buyers that we will bring in soon.”
Niami also says that The One isn’t just a nickname, that it represents a truly unique project that can never be replicated due to new regulations of megamansions imposed by the city of Los Angeles. And soon it will be fully unveiled to the world, as soon as the finishing touches on the home’s interior décor are complete.
In the meantime, you can check out The One from the outside courtesy of the Billionaire Drone YouTube channel:
By Joseph Gibson Celebrity Net Worth
The Infamous 500 million dollar house…
I guess there really is an example of “stupid money“ at least if there ever was a case this house sure fits the bill. It’s not the house itself that’s stupid it’s the price! The house itself is a magnificent work of art. But the price is so out of the ordinary finding someone insane enough to pay that kind of money for a single-family home they are going to live in is the challenge! There’s plenty of really rich people out there today but few as stupid to buy a property for 1/2 a billion dollars that’s basically a single-family house on steroids! The going sales statistics show these type of high-end homes sell for less than 1/2 there asking price so if it gets listed for that 500 million dollar number Expect it to sell for less than half (if it does sell for less than 1/2 This is not real estate investing this is real estate gambling I know first hand what gambling is plain and simple!)
A good investor would buy a 1/2 billion dollar office building with hundreds of paying tenants or a few large apartment complexes of maybe 4-5 thousand units in a middle-income area that my friend is investing… 500 million in one house is plain nuts! Remember rich people are supposed to be smart who smart would buy this house for that price? When every other house in the area is selling for less than 90% of the asking price? Also, good luck getting it to even appraise!
About The Author
- Robert Louis Annenberg Is a 40 year seasoned property owner, manager, investor, builder/developer and business man who is also an author of five published books to date (Amazon.com) and the chief editor of LifeQuestJournal.com. He can be reached at: Info@RobertAnnenberg.com and (201) 289-2500.
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