To highlight the enormous and growing income inequality issue, please consider California Dreaming: Record $500 Million Tag on L.A. Home.
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.”
The priciest home ever sold was a $221 million London penthouse purchased in 2011, according to Christie’s. The most expensive properties on the market include a $425 million estate in France’s Cote d’Azur, a $400 million penthouse in Monaco and a $365 million London manor.
Whether Niami can get more than double the previous record for his mansion remains to be seen.
Under Construction
Nile Niami House at 944 Airole Way stands in Bel Air, California, U.S., on Monday, May 18, 2015.
Photographer: David Paul Morris/Bloomberg
Questions of the Day
- What is the estimated profit on this monstrosity?
- What are the construction carrying costs if this thing goes unsold?
- What about insurance?
- Who wants to lay $500 million to live in LA?
- How many people in the world can afford a half-billion dollar home?
- Does anyone who can afford such a home, want one?
- Could a single California mudslide wipe the entire property off the map?
I don’t have any answers, I am just asking.
Mike “Mish” Shedlock
http://globaleconomicanalysis.blogspot.com