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LA Developer Plans $500M Home Sale

Film producer and speculative residential developer Nile Niami is thinking big with his latest project, a compound in LA’s Bel Air neighborhood which he hopes to sell for $500M. The project will exceed 100K SF and feature a 74K SF main residence and three smaller homes. Additional features include a 5K SF master bedroom, 30-car garage and 180-foot infinity swimming pool. The price would more than double the previous record for a home sale, a $221M London penthouse which sold in 2011. Last September, Niami sold an LA home to hip-hop mogul Sean Combs for $40 million. [BB]

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