Nile Niami unloads yet another massive spec mansion

Nile Niami unloads yet another massive spec mansion

Nile Niami , the swashbuckling but embattled spec home developer, has unloaded his amenity-filled 14,000-square-foot Hollywood Hills mansion as part of a broader property selloff as he faces mounting financial obstacles.

Niami sold the spec home at 1369 Londonderry Place for $26 million, property records show. That was well below the $55 million asking price when it hit the market in 2019. The price was cut three more times, ending at $30 million in early June.

The sale closed in late June but was not previously reported. Niami sold the home through an LLC; the buyer was another LLC, Londonderry Property, LLC, registered in Santa Barbara.

Niami did not return a call seeking comment. A representative for the buyer’s LLC, attorney Joe Billings, did not return calls seeking comment.

Niami completed the six-bedroom, eight-bathroom modern-style mansion in 2018. The two-story spread sits on just less than half an acre and features amenities including a cryo chamber, hot yoga studio, billiard room and two pools located on top of each other — the higher one with a glass bottom, so swimmers below can see those above.

In 2019, to generate interest, the famously bacchanalian developer threw a party at the property that was inspired by the Hieronymous Bosch painting, “The Garden of Earthly Delights,” and featured a camel to greet guests, the Wall Street Journal reported at the time.

The home “lends itself to someone in search of the L.A. life of wellness, or a very sexually charged home,” Rayni Williams, the original listing agent, told that newspaper in 2019. “ It has a very sexual energy .” Last year, Niami was fined multiple times by the City of Los Angeles for large parties at his properties, including at Londonderry Place , that violated the city’s pandemic lockdown rules.

The recent sale comes amid months of turmoil for the developer once dubbed “L.A.’s Megamansion King,” who has been on a selling spree. Last December, he unloaded his own West Hollywood pad; and in April he sold two neighboring Bel Air mansions for $26 million apiece, less than half of each property’s original asking price.

Niami had once hoped for a $500 million sale for “The One” — his 105,000-square-foot creation meant to be “the most expensive house in the urban world.” But in March, with no buyer in sight, a lender served a notice of default on the famous property .

In December, Niami also put the Londonderry Place mansion into bankruptcy — valuing it at $30 million — though he retained control of the property.

And in early 2020, a lender took control of Niami’s 20,000-square-foot Trousdale Estates spec mansion dubbed “Opus.” A deed showed it was valued at $38 million in the transaction, far below its original $100 million asking price. It was later relisted for $60 million and sold in November 2020 to a real estate investor for an unknown amount .

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