A Los Angeles-based developer is throwing market comps out the window with a spec home that will ask $500 million — more than triple the current $147 million record for a U.S. home sale.
The cocksure man behind the project is Nile Niami, a developer and movie producer, Bloomberg News reported. Niami has already started pouring concrete on the project, which will include a 74,000-square-foot main house with a 5,000-square-foot master bedroom, a 30-car garage, a “Monaco-style casino,” and a total of four pools.
The lawn will be about 20,000 square feet, of which Niami said, “There a lot of things in the house that will help to preserve water. But those are things that correspond with luxury houses, and I can’t tell you that it’s a green and energy-efficient house.”
Jonathan Miller of real estate appraisal firm Miller Samuel said, “My first reaction is laughter. But we’re in this perpetual state of surprise as new thresholds are broken.”