Film producer and speculative real estate developer Nile Niami is building a new home in Los Angeles’s Bel Air neighborhood, and it can be yours for the price of $500 million.
The home, which won’t be completed for at least another 20 months, is expected to be one of the biggest homes in US history. If it in fact sells for $500 million, the sale will be more than double the previous record for any home sale around the world, according to Bloomberg.
Niami is building the home to have every possible amenity. It will have a 30-car garage, a 45-seat movie theater, a 5,000 square-foot master bedroom, and its own “Monaco-style casino.” The house will also feature 360 degree views of Los Angeles and the Pacific Ocean.
Whether anyone will pay $500 million for the home remains to be seen, but developers are certainly impressed with the location and style of the massive mansion.
According to Bloomberg, the most expensive home ever sold was a London penthouse which went for $221 million in 2011. Currently, there are at least 20 homes with a nine-figure asking price on the market, and five properties sold for over $100 million last year.
Of course, there’s no need to lay down quite so much money to profit from the current housing market. House flippers who are investing in the luxury marketplace are regularly making upwards of $100,000 gross profit per flip, particularly in areas like San Francisco and San Jose. Those kinds of margins aren’t come by easily, but house flippers with experienced private money lenders on their side are able to turn excellent profits in the current housing market.
At ZINC Financial, we recently added a loan to our array of funding offerings to provide extremely favorable terms for experienced fix and flip investors. Our Diamond fix and flip loans are available in amounts ranging from $250,000 to $1.5 million at a rate of just 9.75%. The loan term is up to 24 months, and borrowers must put down 20% of the purchase price.
Learn more about our complete array of house flipping loans and how we can help you take advantage of this exceptional California housing market by giving us a call today at 559.326.2509.