America's priciest home is finally getting its finishing touches.
Seven years after he started working on “The One,” a 100,000-square-foot mansion in Bel-Air, movie producer turned developer Nile Niami says he's just about ready to test the market with his ballyhooed $500 million asking price.
Replete with a nightclub, four swimming pools, bowling alley and 360-degree vistas of sun-dappled Southern California, the symbol of America’s latest gilded age has generated a flood of media coverage since the price was announced in 2015.
And while permitting problems, construction delays and financing issues have exposed the struggles of building luxury homes on speculation, and raised questions about whether the project high above Los Angeles would ever be finished, Niami says he’s almost done. And he’s not backing off the lofty price tag, which would make the house the most expensive in America.
“When you have something that’s as rare as the Mona Lisa, you can command whatever you want for it,” Niami said in an interview, arguing that recent nine-figure property deals in Los Angeles and elsewhere are proof that his pricing strategy was not just about generating press. “When the house was started, I had no basis to ask $500 million—now there are so many triple-digit sales in L.A. and the world that the asking price is not unreasonable anymore.”
Niami admits the pressure of his development odyssey has aged him prematurely. Building mega-mansions without a buyer lined up can be precarious. Cost overruns and delays are common, carrying costs are high, and shifting appetites for luxury are hard to predict. And while a project as eye-popping as The One grabs headlines, the amenities and specific design can ultimately narrow the pool of potential buyers, said appraiser Jonathan Miller, president of the real estate appraisal and consulting firm Miller Samuel Inc.
“The problem is, the more amenities you add, the more you personalize the property,’’ Miller said. “Even though the intention is to draw eyeballs to the property, you are also personalizing it, which may reduce the size of the market pie. It’s a very small, very tight market.”
Niami says that’s not a problem. Los Angeles has tried to limit the construction of new mega-mansions, meaning nothing like The One can be built again, the developer said. And while one amenity that got a lot of attention—a room with tanks of live jellyfish lining the walls—has been dropped because it was too much work, Niami said he’s got something planned that’s “even better.”
He hasn’t yet let anyone inside the property, but says the special features have helped draw interest from potential buyers. He’s talking to them now, but declined to provide details, citing privacy issues. The One’s unveiling will happen once the final interior decorating is done, Niami said. Williams & Williams Estates Group has the exclusive listing.
“I’ve had potential buyers a long time on this," Niami said. “We have a list of very real, verifiable buyers that we will bring in soon.”