- A Los Angeles megamansion that's been sitting on the market for more than two years just raised its price by $19.9 million , Barron's reported.
- The Beverly Hills home was first listed for $100 million in 2017, a price that included a gold Lamborghini, a Rolls-Royce, and saw its price slashed several times.
- The price increase comes as the US deals with an overabundance of luxury real estate.
- The developer decided to raise the price after two empty plots of land nearby sold for $30 million and $25.5 million, his publicist told Business Insider.
- Visit Business Insider's homepage for more stories .
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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.
Hilton & Hyland
A Los Angeles megamansion that's been on the market for two years just upped its asking price by almost $20 million.
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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.
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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.
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