A Los Angeles megamansion that's been on the market for 2 years just raised its price by $20 million. Yes, you read that right.
Hilton & Hyland
- A Los Angeles megamansion that's been sitting on the market for more than two years just raised its price by $19.9 million, Barron's reported.
- The Beverly Hills home was first listed for $100 million in 2017, a price that included a gold Lamborghini, a Rolls-Royce, and saw its price slashed several times.
- The price increase comes as the US deals with an overabundance of luxury real estate.
- The developer decided to raise the price after two empty plots of land nearby sold for $30 million and $25.5 million, his publicist told Business Insider.
- Visit Business Insider's homepage for more stories.
A Los Angeles megamansion that's been sitting on the market for two years just upped its price by almost $20 million, Barron's reported.
The seven-bedroom Beverly Hills home was first put on the market for $100 million in 2017. It's now asking $79.9 million, or $19.9 million more than the $59.9 million it had been listed for since May 2019.
Since it was first listed, developer Nile Niami, known for building extravagant Los Angeles megamansions on spec, has slashed the home's price several times, first by $15 million, then again by another $20 million. In May, he reduced it again by another $5.1 million.
According to the house's listing agents, Rayni and Branden Williams of Williams and Williams, Niami saw a change in the market and felt like the home was worth more than $59.9 million.
"The plot of land next door sold for $30 million and the land across the street sold for $25.5 million having no homes on them," listing agent Rayni Williams of Williams and Williams told Business Insider. "For that reason Mr. Niami raised his price."
Take a look inside the extravagant Beverly Hills mansion.
A Los Angeles megamansion that's been on the market for two years just upped its asking price by almost $20 million.
It's now asking $79.9 million, or $19.9 million more than the $59.9 million it had been listed for since May 2019.
The house's listing agents, Rayni and Branden Williams of Williams and Williams, say Niami saw a change in the market and felt like the home was worth more than $59.9 million.
The price increase comes amid a surplus of luxury real estate across the US.
The now-$79.9 million home sits in the ritzy Trousdale Estates section of Beverly Hills.
The home comes with two swimming pools, one of which is indoors ...
... and one of which is outdoors and comes with several lounge chairs.
The outdoor pool offers sweeping views of Downtown Los Angeles.
There's also a water feature and sculpture outside.
In the living room, a retractable glass wall opens up to showcase the home's unimpeded view. On the other wall, a TV comes down from the wall and rotates a full 360 degrees.
It allows you to watch TV and admire the view at the same time, Niami told Business Insider back in 2017.
The home comes with not one, but two full kitchens.
At least 10 people can comfortably eat in the formal dining room.
There's also a full bar.
Niami created a luxurious wellness center in the home that includes hot and cold plunge pools, a steam and massage room, and a beauty salon that has all the facilities in place to have beauty treatments done at home.
It also includes a fitness center.
The in-home movie theater can seat at least 15 people.
The home's expansive master suite opens directly into an outdoor space with a fire pit. "I wanted to build the buyer a bedroom where they would wake up to an unobstructed Los Angeles sunrise every morning," Niami told Business Insider in 2017.
The suite comes with dual bathrooms and dual closets.
The home's $79.9 million price tag includes all the furniture and art ...
... as well as a Champagne vault with 170 bottles of Cristal.
Last but not least, the megamansion comes with a "car museum" that has space for 10 vehicles.
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