By Luke Prothero • 02 February 2020 • 20:53
Seven years after he started working on ”The One”, a 9,300-square-foot mansion in the exclusive Bel-Air neighbourhood of Los Angeles, film producer Nile Niami says he is about to test the waters of the market with an initial price of 500 million dollars.
Equipped with a disco, four swimming pools, a bowling alley and 360-degree views of southern California, this symbol of the last golden age of the United States has generated considerable interest from the media.
Along the way, there have been legal issues, construction delays and financing complications. This highlighted the difficulties of building luxury houses with a speculative eagerness and raised questions about whether the project of a panoramic view of Los Angeles would ever end.
Niami has decided not to back down with the price of 500 million dollars, which would make the house the most expensive in the United States.
Setting a price on houses above their market value, a strategy known as “aspirational pricing”, is one of Niami’s plans to attract the attention of extreme fortune-seeking individuals.
A sale at the initial price of 500 million dollars would be more than double the largest residential real estate business deal in the United States to date: an apartment of 238 million dollars (215 million euros) bought by Citadel founder Ken Griffin, in Manhattan.
An image of ”The One” under development in 2015.
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