Nile Niami sells another Bel Air spec mansion for $36M

Developer unloaded neighboring mansion earlier this week for same price

Nile Niami and his Bel Air spec home (Getty Images, Juwan Li and Marc Angeles/Compass)
Nile Niami and his Bel Air spec home (Getty Images, Juwan Li and Marc Angeles/Compass)

You could say embattled spec developer Nile Niami needed a win, and he appears to have gotten two this week.

Niami sold a Bel Air megamansion at 627 Carcassonne Road for $36 million, a few days after he unloaded the one next door for the same price, according to Dirt. Both properties are about the same size and both were originally listed for $65 million.

The modern-style Carcassonne Road mansion is 28,000 square feet with eight bedrooms and 12 bathrooms. The buyer in the off-market sale was businessman Louis Hsieh, according to the report.

The deal follows the $36 million sale days earlier of Niami’s 10701 Bellagio Road mansion next door. That estate is 24,000 square feet and has a more traditional look. The reported buyer was Network Capital Funding Corporation CEO Tri Nguyen.

The two properties hit the market in 2018 and 2019.

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Despite the starkly different looks, both mansions were designed by Niami’s frequent architect, Paul McClean.

Hsieh’s property includes a “wellness spa” with a yoga and meditation room, gym, and massage facilities. It has a 160-foot-long lap pool and a custom 30-foot-tall “water wall” feature.

Niami has faced several challenges going back a year, when a creditor took control of one spec property in Beverly Hills.

He threw a West Hollywood project into bankruptcy in December, and now faces foreclosure on his largest and recently completed project, the 100,000-square-foot estate dubbed “The One.”

[Dirt] — Dennis Lynch