A Bel-Air site may soon have the largest home in Los Angeles County.
Developer Nile Niami’s project up the hill from the Bel-Air Hotel would total 85,000 square feet, including a guest house, five-car garage and the main 70,000-square-foot mansion.
If built according to plan, it would be largest single-family home in the county. (With an asterisk: L.A. city building officials estimate it would have about 55,000 square feet of “livable” space, less than the 56,500 square feet at the former Spelling manor in Holmby Hills.)
Grading for the project has begun. It’s the latest in a flurry of megamansions going up in Bel-Air. And like most of the others, it’s being built on spec, targeting billionaire foreign buyers looking for real estate investments. Construction is wrapping up nearby on another spec project, a 60,000-square foot mansion with 40,000 square feet of livable space.
“Many of these buyers are foreign individuals love the United States and want to have their assets here,” said Jeffrey Hyland, president of high-end Beverly Hills real estate firm Hilton & Hyland. “They will live in them – not full time, as they already have homes around the globe. But they see the Los Angeles market as a bargain compared to other global capitals.”
Hyland said high-end properties in Los Angeles sell in the $3,000-a-square-foot range, while high-end properties in New York, London and Hong Kong can sell for two or three times more.
The Niami property, which has not been priced but will likely be in the $150 million-plus range, will include up to four kitchens just in the main residence, a tennis court and swimming pool and a 120-foot-long trellis.
– Howard Fine