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.
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