Niami’s Opus megamansion sells to prolific SoCal investor

Beverly Hills property hit market in 2017 with edgy ad campaign and $100M price tag

Los Angeles /
Nov.November 23, 2020 11:00 AM
Nile Niami and 1175 N Hillcrest Road (Getty, Redfin)
Nile Niami and 1175 N Hillcrest Road (Getty, Redfin)

Nile Niami’s Opus megamansion has finally sold to someone who didn’t pay to develop it.

The 20,000-square-foot Trousdale Estates property was sold to a multifamily investor based in the San Gabriel Valley, according to Variety. A lender took control of the property in February; the deed shows that the property was valued at $38M in the transaction.

The buyer is prolific real estate investor Bin Fen Cheng, according to the report. The mansion at 1175 North Hillcrest Road was most recently listed for $60 million, but the latest sale price hasn’t been disclosed.

Niami completed Opus in 2017. It came to market as by far the most over-the-top white box spec mansions of the last decade, with an asking price of $100 million. Niami’s racy marketing campaign with scantily-clad women traipsing around the mansion drew attention, not all of it positive.

The property struggled to attract buyers and the asking price came down to $60 million before rising back last fall to $80 million.

After lender Joseph Englanoff took control of the property earlier this year, he undertook a renovation to make it more appealing to a wider pool of buyers, particularly families. Listing agents Branden and Rayni Williams also revised its marketing.

The stone floors were replaced with wide-plank oak floors and the champagne refrigerator was converted into a pantry. The gold Lamborghini and gold Rolls Royce in the underground auto museum space were replaced with a dinosaur fossil.

Bin’s real estate holdings include shopping centers in Arcadia and Rowland Heights, along with apartment buildings, Variety reported. In January 2019, The Real Deal reported that Yeh paid $220 million for 801 South Hope Street, a 22-story building that includes 290 luxury apartments and 5,900 square feet of retail space.

Bin appears to be keeping her two-acre San Marino estate she’s shared with her husband for more than two decades. [Variety] — Dennis Lynch


Related Articles

arrow_forward_ios
Mohamed Hadid and 901 Strada Vecchia Road (Getty, Redfin)
Buyer walks away from Hadid’s spaceship spec mansion
Buyer walks away from Hadid’s spaceship spec mansion
Jennifer Lopez and Ben Affleck with the Nile Niami mansion (Getty, Leverage Global Partners)
JLo tours Nile Niami-built Holmby Hills mansion asking $65M
JLo tours Nile Niami-built Holmby Hills mansion asking $65M
Nile Niami and his Bel Air spec home (Getty Images, Juwan Li and Marc Angeles/Compass)
Nile Niami sells another Bel Air spec mansion for $36M
Nile Niami sells another Bel Air spec mansion for $36M
Nile Niami and her Bel Air mansion (Getty, Redfin)
Nile Niami unloads 24K sf Bel Air mansion
Nile Niami unloads 24K sf Bel Air mansion
Nile Niami and Don Hankey with The One (Getty, Society Group PR)
“The One” and done: Niami faces foreclosure on Bel Air spec mansion
“The One” and done: Niami faces foreclosure on Bel Air spec mansion
Spec home developer Nile Niami is soliciting buyers for his megamansion through Google Forms. (Getty)
How to sell a mansion for $350M? Use Google Forms
How to sell a mansion for $350M? Use Google Forms
From left, Michael Rosenfeld and Century Plaza, Jose Huizar and City Hall, Jeff Bezos and 1801 Angelo Drive (Getty Images)
LA’s biggest real estate stories of 2020
LA’s biggest real estate stories of 2020
Nile Niami and the Hollywood Hills mansion (Getty, The MLS)
In deep in WeHo, Nile Niami sells Hollywood Hills pad
In deep in WeHo, Nile Niami sells Hollywood Hills pad
arrow_forward_ios

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

Loading...