Nile Niami thought his $60M Beverly Hills spec mansion listing was too low. He fixed that

The luxury home developer saw several high-priced land sales, said broker Branden Williams, and thought the "property should be worth more"

TRD LOS ANGELES /
Sep.September 10, 2019 04:52 PM
Nile Niami and 1175 N Hillcrest Road (Credit: Redfin)
Nile Niami and 1175 N Hillcrest Road (Credit: Redfin)

In early 2017, spec home developer Nile Niami offered up his Beverly Hills “Opus” mansion on Billionaire’s Row for $100 million. The Paul McClean-designed home came complete with three Damien Hirst paintings, a gold Rolls-Royce Dawn and a Lamborghini Aventador Roadster.

He even released a racy listing video that featured half-naked women painted gold throughout the property. But without any bites, the brash developer soon chopped the price. And as the Los Angeles luxury market continued to slow, he chopped it again.

By this past May, the 20,500-square-foot mansion had been slashed to $59.9 million, according to Redfin, though the cars and artwork were no longer included.

Now Niami has had a change of heart, spurred by the recent high-priced land sales in the area. 

He just gave the mega-mansion at 1175 North Hillcrest Road a big price bump. The seven-bedroom, 11-bath, two-pool trophy asset is on the market for $80 million. That’s a full 33 percent higher than its previous price, though still 20 percent below original asking.

The listing agents are Branden and Rayni Williams of Hilton & Hyland. Branden Williams said Niami reconsidered the price cut after nearby vacant lots sold for millions.

“Just to get dirt up here is roughly 30 million bucks,” Williams said, citing recent sales he handled including the lot next door at 1169 North Hillcrest. That sold for more than $30 million, and another across the street went for $25.5 million.

“The value keeps peaking and [Niami felt] that the property should be worth more, so that’s why he changed the price.”

Niami’s $500 million Bel Air spec home he has dubbed “The One” is also still up for grabs.


Related Articles

arrow_forward_ios
Tom Villante and 32852 Pacific Coast Highway (Credit: California Regional Multiple Listing Service)

Tech CEO lists Malibu pad for $35M, twice what he paid

Tech CEO lists Malibu pad for $35M, twice what he paid
Ed McMahon and his Beverly Hills and Bel Air homes (Credit: Christa Chapman via Flickr, Redfin)

As LA luxury market heats back up, Ed McMahon’s former homes list

As LA luxury market heats back up, Ed McMahon’s former homes list
Ty Cueva and the mansion (Credit: Hilton and Hyland)

The return of the $100M market: Bel Air spec mansion relists

The return of the $100M market: Bel Air spec mansion relists
The living room at the Opus (Credit: JIM BARTSCH via Forbes)

Spec mansion marketing shifts from champagne fridge to organic pantry

Spec mansion marketing shifts from champagne fridge to organic pantry
Japanese architect Tadao Ando and the home (Credit: ROGER DAVIES and AZUHIRO NOGI/AFP via Getty Images)

With in-person showings back, Malibu home hits market at $75M

With in-person showings back, Malibu home hits market at $75M
Marc Noah, Hilton & Hyland’s most recent addition (Credit: Google Maps)

Luxury broker Marc Noah joins Hilton & Hyland from Sotheby’s

Luxury broker Marc Noah joins Hilton & Hyland from Sotheby’s
Michelle Pfeiffer and David E. Kelley purchase $22.5M Pacific Palisades home (Credit: Compass and Getty Images)

Michelle Pfeiffer, David E. Kelley buy Pacific Palisades pad for $23M

Michelle Pfeiffer, David E. Kelley buy Pacific Palisades pad for $23M
Michelle Pfeiffer, Jim Crane and the home (Credit: Getty Images and Zillow)

Move over Ellen: Michelle Pfeiffer is latest celeb RE player

Move over Ellen: Michelle Pfeiffer is latest celeb RE player
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...