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Saturday, May 30th, 2015

California Dreaming: Record $500 Million Tag on L.A. Home

Author:     John Gittelsohn
Source:     Bloomberg Business
Publication Date:     9:01 PM PDT May 25, 2015
 Link: California Dreaming: Record $500 Million Tag on L.A. Home
Stephan:   I take this story very seriously. The very fact of the existence of this house tells us something is deeply wrong with our economy. It give us data showing the new aristocracy literally lives in world most cannot even imagine. This separation creates two realities, and democracies cannot function under those conditions. Like climate change we are constructing our own destruction through grotesque wealth inequity.
A $500 million house. Rendering of Niami's under-construction mansion in L.A.’s Bel Air neighborhood. Credit: McClean Design via Bloomberg

A $500 million house. Rendering of Niami’s under-construction mansion in L.A.’s Bel Air neighborhood.
Credit: McClean Design via Bloomberg

One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million.

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.”

Estates with views of the Los Angeles basin are the California counterpart to Manhattan’s penthouses or London’s Mayfair manors, drawing […]

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1 Comment

  1. steve hovland on Saturday, May 30, 2015 at 5:59 am

    Economies cannot function like this either. The extreme flow of income into the hands of a few is imploding the economy.