California dreaming: US$500m tag on LA home
New luxury mansions are proliferating in Los Angeles, often without buyers in place, known as building on spec
Los Angeles
ONE of the biggest homes in US history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record US$500 million.
Nile Niami, a film producer and speculative residential developer, is pouring concrete in LA's Bel Air neighbourhood for a compound with a 74,000-square-foot 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," Mr Niami said.
"The house…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow