A house valued at $65 million dollars has been listed in Los Angeles at a time when the city’s luxury listing of properties is high.
The house in question, listed with Branden and Rayni Williams, overlooks the sixth hole of the Bel Air Country Club’s golf course. Covering 27,000 square feet, it has eight bedrooms and 23 bathrooms, and is set on an acre of land. It was designed by architect Paul McClean and built by Nile Niami, the movie producer-cum-real estate developer known for his $500 million spec mansion in Bel Air which is currently uncompleted.
Nile Niami’s success is credited in part to his strategy of developing houses that double as pre-packaged lifestyles – his properties are usually sold fully furnished and will often include artworks, wine and luxury cars. This house is sold furnished – the only thing not included is the art and the motorcycle positioned by a spiral staircase.
In addition to all those bedrooms and bathrooms, this house has a wine room, pool table and bar, a ballroom, a separate family room and a pool. There is ample outdoor entertaining space, and french windows open on to a pool that’s intersected by a marble walkway. There is also a large garage with room for four cars, along with outdoor parking for 30, according to the developer.
Sales in LA’s luxury tier were down 9.6 per cent for the second quarter of 2018, according to a report by Douglas Elliman. Stephen Kotler, CEO of Douglas Elliman Real Estate’s western region, said of the LA market that the inventory was up 50 per cent year over year, as a result of market timing.
Niami bought the lot about three and a half years ago for around $17 million and then divided the land in two. The house currently on sale has taken him nearly that long to construct, and he said that building costs were $1,200 per square foot. However, the asking price of this 27,000-square-foot house equates to about $2,400 per square foot, about 16 per cent higher than the luxury average listed by the Elliman report.
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