Megamansion Developer Sells Los Angeles Trophy Home for $9.95 Million

Megamansion Developer Sells Los Angeles Trophy Home for $9.95 Million

The six-bedroom home spans 9,200 square feet. Los Angeles megamansion developer Nile Niami—known for outfitting over-the-top projects with car museums, Champagne fridges and other lavish perks—has sold a more modest trophy home in the Bel Air’s celebrity-favored Stone Ridge Estates.

The six-bedroom home closed just before Christmas for $9.95 million—the second of two personal properties the well-known developer parted with in December. The first sale last month was also a white-and-glass contemporary pile, located in the Hollywood Hills, which sold for $9.58 million, according to property records.

Both homes, which found buyers within weeks of hitting the market, underscore the booming demand for luxury real estate in Los Angeles in the second half of 2020.

In December alone, 57 houses asking $2 million or more went into contract in Los Angeles, up 14% from the prior year, even as deals in the city’s broader market fell considerably, according to a market report from Douglas Elliman this week.

“Buyers love these architectural estates,” said Carmelia Yeroomian of The Agency, who represented Mr. Niami in both December sales. She added that Mr. Niami’s updates and attention to detail played a key role in their appeal. “They are stunning homes.”

Mr. Niami, 53, purchased the mansion from a fellow property developer and manager in 2016 for $7.3 million, property records show. He carried out some cosmetic updates and used it as his family’s home for a time, Ms. Yeroomian said.

It might not be as palatial as The One—a 100,000-square-foot mansion under construction that Mr. Niami hopes to sell for $500 million—but the 9,200-square-foot home is certainly luxurious.

For one, it’s located in a guard-gated enclave with just 11 homes. The two-story house also has ample outdoor space, with second-floor balconies and a spacious terrace and pool area downstairs. Inside, many of the rooms overlook a central courtyard with a reflection pool and sculptural centerpiece.

The buyer, who could not be determined, purchased the home fully furnished, including a vast kitchen with high-end Miele appliances. The new owners also get a trove of amenities, including a plush-looking home cinema, a study, a gym, a game room and a wine cellar, according to the listing.

Ms. Yeroomian said she’s listing two more homes Mr. Niami owns in the Los Angeles area.

It wasn’t immediately clear why the developer was parting with the properties. The Wall Street Journal reported last month that Mr. Niami, faced with foreclosure, had placed one of his large spec homes, a property once asking $55 million, in bankruptcy. Mr. Niami could not immediately be reached for comment.

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