If you think property prices in Sydney or Melbourne are getting out of hand, a new development in Los Angeles is probably not for you.
The development in the LA suburb of Bel Air will feature a 6,800 square metre main residence with a 464 square metre master bedroom, a 30-car garage, a casino, four swimming pools and three separate houses across 1.6 hectares, all of which the developer believes will attract a sale price of around US$500 million.
The development is the latest project from prolific custom house builder and movie producer Nile Niami, who expects the development to be finished in just under two years’ time.
Niami’s half-billion dollar price tag would easily set a new record as the United States’ most expensive sale, but others believe that price is a pipe dream.
The LA Business Journal last year estimated the property would be worth somewhere in the vicinity of US$150 million, while Jonathan Miller president of appraisal firm Miller Samuel Inc told Bloomberg he would be surprised if it came close to US$500 million.
“I'm sceptical,” Miller said.
“My first reaction is laughter, but we're in this perpetual state of surprise as new thresholds are broken.”
The current record price in the US was set last year when an East Hamton estate in New York sold for US$147 million.
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