Nile Niami unloads 24K sf Bel Air mansion

Embattled spec mansion developer sold estate at a heavy discount to original asking

Nile Niami and her Bel Air mansion (Getty, Redfin)
Nile Niami and her Bel Air mansion (Getty, Redfin)

Nile Niami, the embattled spec mansion developer, just unloaded a massive Bel Air mansion at a heavy discount to its original asking price.

Niami sold the 24,000-square-foot mansion for $36 million to Network Capital CEO Tri Nguyen, according to Dirt. The eight-bedroom, 12-bathroom estate at 10701 Bellagio Road overlooks the sixth hole at the Bel Air Country Club.

The developer completed the property in 2018 and listed it that year with a $65 million price tag. It’s been on and off the market since, most recently relisting in early March with a $59 million asking price. Niami’s frequent collaborator, architect Paul McClean, designed the home.

This is the first Niami spec project to sell in 2021, and the developer has faced a number of challenges over the last year or so. A lender took control of his “Opus” mansion in Beverly Hills in February 2020. The sale price was first reported for $50 million, but the deed when it was sold again in November shows that the property was valued at $38 million in the transaction. Either way, it was far below the $100 million asking price, when it hit the market.

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In October, Niami was sued by Compass and in December, he threw a West Hollywood property into bankruptcy. Later that month, he sold his own Hollywood Hills mansion.

Niami recently completed his 100,000-square-foot compound in Bel Air called “The One,” and as of January was soliciting buyers, asking $350 million. He had initially touted a listing of around $500 million.

But another problem emerged in March, when lender Hankey Capital looked to foreclose on the gigantic property.

[Dirt] — Dennis Lynch