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.

The home was first listed for $100 million back in 2017.

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The home was first listed for $100 million back in 2017.
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Hilton & Hyland

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.

source
Hilton & Hyland

The seven-bedroom Beverly Hills mansion, dubbed “Opus,” 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.

source
Hilton & Hyland

Since it was first listed, developer Nile Niami, known for building extravagant Los Angeles megamansion 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.


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.

source
Hilton & Hyland

“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.”

Branden Williams told The Real Deal that “just to get dirt up here is roughly 30 million bucks. The value keeps peaking and [Niami felt] that the property should be worth more, so that’s why he changed the price.”


The price increase comes amid a surplus of luxury real estate across the US.

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Shutterstock

As Business Insider’s Hillary Hoffower recently reported, Los Angeles mansions, New York City penthouses, Miami condos, and luxury ranches out west aren’t selling.

This abundance of high-end real estate could be a red flag for an upcoming recession.

“If high-income consumers pull back any further on their spending, it will be a significant threat to the economic expansion,” Mark Zandi, chief economist at Moody’s Analytics, told CNBC.


The now-$79.9 million home sits in the ritzy Trousdale Estates section of Beverly Hills.

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trekandshoot/Shutterstock

The median price of homes currently listed in Beverly Hills is $6.9 million, according to Zillow.


The home comes with two swimming pools, one of which is indoors …

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Hilton & Hyland

Source: Hilton & Hyland


… and one of which is outdoors and comes with several lounge chairs.

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Hilton & Hyland

Source: Hilton & Hyland


The outdoor pool offers sweeping views of Downtown Los Angeles.

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Hilton & Hyland

Source: Hilton & Hyland


There’s also a water feature and sculpture outside.

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Hilton & Hyland

Source: Hilton & Hyland


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.

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Hilton & Hyland

Source: Hilton & Hyland


It allows you to watch TV and admire the view at the same time, Niami told Business Insider back in 2017.

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Hilton & Hyland

Source: Business Insider


The home comes with not one, but two full kitchens.

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Hilton & Hyland

Source: Hilton & Hyland


At least 10 people can comfortably eat in the formal dining room.

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Hilton & Hyland

Source: Hilton & Hyland


There’s also a full bar.

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Hilton & Hyland

Source: Hilton & Hyland


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.

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Hilton & Hyland

Source: Business Insider


It also includes a fitness center.

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Hilton & Hyland

The in-home movie theater can seat at least 15 people.

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Hilton & Hyland

Source: Hilton & Hyland


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.

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Hilton & Hyland

Source: Hilton & Hyland, Business Insider


The suite comes with dual bathrooms and dual closets.

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Hilton & Hyland

Source: Business Insider


The home’s $79.9 million price tag includes all the furniture and art …

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Hilton & Hyland

Source: Hilton & Hyland


… as well as a Champagne vault with 170 bottles of Cristal.

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Hilton & Hyland

Source: Hilton & Hyland


Last but not least, the megamansion comes with a “car museum” that has space for 10 vehicles.

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Hilton & Hyland

Source: Hilton & Hyland, Business Insider