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.
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.
[Dirt] — Dennis Lynch