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Peak Inequality: $500 Million Asking Price For LA Mansion
Submitted by Daniel Drew via Dark-Bid.com,
Just when you thought you had seen it all, Nile Niami pulls another mansion out of his hat. The film producer and speculative real estate developer announced the asking price for the mansion he is building on a hill in Bel Air, the location where the memorable Fresh Prince of Bel Air TV show takes place. Unfortunately, Will Smith is not fresh enough for this place. You have to be a literal prince to afford it.
The mansion is not even finished yet, but it will be over 100,000 square feet. The main residence is 74,000 square feet, but several other homes will be included. At 5,000 square feet, the master bedroom is larger than most people's houses. The property also features a 30-car garage and a Monaco-style casino.
In 2014, five properties sold for more than $100 million. The most expensive home ever sold was a $221 million London penthouse in 2011. Currently, the most expensive property on the market is a $425 million estate in France. With that in context, it's clear that Niami is looking to shatter records.
If one wanted to finance this with a 30-year mortgage, the monthly payments in principal alone would be $1.39 million. Imagine that.
Despite its massive size, this is still smaller than the Biltmore Estate, the home of George Washington Vanderbilt. The Biltmore is in Asheville, North Carolina and is about 179,000 square feet. Vanderbilt overextended his reach with the house and soon ran into financial problems, prompting him to sell part of it to the federal government. (Where have we heard this story before?) After the 1929 stock market crash, the house was opened to the public to create tourist revenue.
While the Biltmore Estate remains absolutely stunning, it is also an embarrassment, a symbol of Gilded Age excess and miscalculation. Will Bel Air be the laughing-stock of the next century? When the QE Infinity of the Federal Reserve proves to be less than eternal, don't be too surprised to see this Bel Air mansion open to the public.
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Biltmore Estate is beautiful. That Commi Box looks like shit.
HTH
Bilt more, built less (Minimalist)??
Looks like a mausoleum.
Vanity… my favorite sin ;-)
Looney
It will be worth a buck fiddy when there is no water to flush the toilet, let alone fill the infinity pool.
I've heard rumors the Fed has offered $5 trillion and will move their headquaters there!
Unless they are out printed by the ECB or Abe?
Looks like a Nazi pillbox on the coast of France
segways included ?
Peak Stupidity...
India's richest man built the most expensive "house" ever...
Ugly piece of shit...check out these NUMBers...
Antilia is a private home in South Mumbai, India. It is owned by Mukesh Ambani, chairman of Reliance Industries Limitedand includes a staff of 600 to maintain the residence.[3][4][5][6]
While the New York Times in 2008 reported that it cost $500–700 million, it is believed to be worth $1 billion USD, due to the rising costs of surrounding structures currently in South Mumbai[citation needed]. As of November 2014, it is deemed to be the World's most expensive residential property.[7]
Yeah! One BIRRION!
Eat that, you little LA man...
W(H)ither India?
https://aadivaahan.wordpress.com/2010/07/13/whither-india/
Who the hell would want to sleep in a 5,000 sqft bedroom?
WAAAAAAAAAAAAAAAAAAAAAAHHHH!!!!!!!! WWWAAAAAAAAAAAAAAAAAAAAAAHHHHH!!!!!!!
"I want other people's money." "I am special so I shouldn't have to work for a living." "I hate people who've earned a lot of money by manufacturing and/or selling products that people are free to buy or not."
Get frick'n jobs, jealous a$$holes. Government FORCED "income equality" is a totalitarian state where "income inequality" is worse than it will ever be in a free market economy (which the U.S. has left). You are NO better than people who easrn money.
We should be giving the Winners a parade, not pelting them with sour grapes.
Winning is the goal, and the number of winners is irrelevant.
And it's good to be the King.
Hey is ZH search engine down?
I kept getting this:
The Apache Solr search engine is not available. Please contact your site administrator.
Nah... Just a stray Comanche causing problems. Back up in a jiffy ----
The saddest part is, after stealing everything they could from the hard working public, they'll now be forced to sell everything we built, and that's as asnine as it gets... (A travesty really)
Don't worry....once the inmates truly take over California (unfortunate) and once the state files for bankruptcy (unfortunate) the tax on this place alone will be enough to build a local non-English speaking elementary school in LA.
In the end...the parasites will win, and no one will want these houses.
....by the way, you know what really makes me sick, is these uber rich are the same crew of goons who made driving a large SUV (Suburban, Expedition, Hummer, etc) in Southern California politically incorrect. As if, we...alone were destroying the planet. Now shut up and let me drive my Tesla to the airport get in my private jet.
Read the fine print, water not included.
You mean, like, from the toilet?
I think if Thomas Piketty wants to find the reason for spiking wealth inequality he may want to look at central banks handing money to the rich through QE before focusing on some inherent flaw in capitalism, r>g.
He doesn't want to find the real reason. He wants to spread his Communist bullshit and encite riots.
I was surprised that it started happening in Montreal area already...where 'poor' anarchists have started vandalizing stores of 'rich' shop owners.......
http://montreal.ctvnews.ca/video?playlistId=1.2388912
Meanwhile, in Italy, this week, a man tried to burn a cop car with 2 cops still inside it. See for yourself...in case you dont believe it...https://www.youtube.com/watch?v=KAcGtV6jFi8
Another case in Italy, 2 weeks ago, where a would be bank robber, poured petrol on the bank manager when she refused to open the bank branch and did not allow him to rob.
http://www.ansa.it/english/news/general_news/2015/05/08/man-sets-bank-ma...
Nigeria ran out of diesel this week on Monday causing shut downs of mobile phones, banks, airlines among other chaos but it was restored since yesterday.
Inequality is indeed causing a lot of stress worldwide! With much more unrest yet to come.....
On a long enough time line....
Can't compare to the Taj Mahal. I think it looks more like an office complex - a little more modern than the main building of the 3M complex here in St. Paul.
We have been at peak inequality for some time now:
If you are one of the "rich" and you make a MILLION dollars per year, it would take you 71,000 YEARS to accumulate the net worth that Warren Buffet currently has---71 BILLION. And thats assuming you make a million a year tax free. Factor in taxes, and it would take you about 150,000 YEARS to amass his net worth.
And hes just one of the many .01% that are worth a billion or more. It would take you 1,000 years just to get a billion dollars of net worth. So much for being "rich" when you earn a million a year.
To buy this house, it would take about a 1,000 years of earning your "million" per year--and thats if you saved every last penny.
I nominate Uncle Warren as the phoniest person in recorded history.
Came across and article on George Soros' son out in the Hamptons at some posh restaurant with 21 of his friends "making merry" and he showed up an hour early basically bumping a bunch of other "famous" folks including Lohan's mom and sister. Surprised they didn't check people's net worth first before allowing them to make a reservation. The well heeled not only feed off the lower class masses but each other as well. Just reading the article made me want to take a shower.
You're confusing Buffet with Gates, but close enough.
In the case of Bill Gates, this $71B amount is even more impressive, given that he accumulated a greater fortune than Buffet and in less time.
According to Forbes 400, Gates is worth 81 Billion, and Buffet is worth 67 Billion. I googled Warrens net worth and it showed it at 71billion. I am just trying to point out the magnitude of the wealth that these guys have. And I am picking on Uncle Warren because he is pushing for tax increases on people who earn a million a year, even though it would take them 10's of thousands of years to accumulate his wealth. And all the while he owes the IRS about a billion dollars.
frigid and sterile
All it needs is a big concrete dildo sculpture in the front yard to brighten it up some.
I'm surprised it doesn't have a big middle finger sculpture out front like this one:
http://www.designboom.com/art/maurizio-cattelans-middle-finger-displayed...
You mean, like this huge anal plug displayed in Paris not that long ago?
http://www.theguardian.com/artanddesign/2014/oct/20/paul-mccarthy-butt-p...
At least the message to us peasants is clear...
"frigid and sterile"
Interesting choice of words, as a woman can be described as frigid, and a man as sterile. :-)
Architectural styling aside, for that kind of money*, I'd expect some Billionaire/Oligarch Prepper features:
1. A direct pipeline to the Pacific, to draw water and dump treated sewage
2. Multiple Energy sources from own Power Plant (Solar, Wind, NatGas, Electricity from Grid) for Resiliency
3. Own Waste and Waste Water Treatment & Recycling Plant
4. Desalination Plant (using sea water and solar power)
5. Impressive, high tech and low tech Security & Defense System and Personnel
6. Rotating roster of CA's finest Call Girls coming a calling for next 20 years (paid by Seller) as modern Courtesans
If you're gonna have a modern castle, you might as well not pretend otherwise, and let the 'hood know that your place isn't just "more expensive" but superior in every way.
* Fiat currency
You can
Only sleep I One bed
Only Piss/shit in One toilet
Only watch telly in One room
Only eat a meal in One room
Only cook in One Kitchen
At a time
I was going to reply along the same lines. Plus factor in all the time wasted in going from one room to another. I guess there is a lot to do with education and so on, but currently in couple living in 1200 sq.f flat, and there is already a quarter of that surface which is not used...
A building that big shouldn't be limited to a single person or family.
That place is big enough to house 500-1000 FSA families.
It could become LA's answer to Cabrini-Green.
Clearly you dont think like en Elite, if you base things of "needs" instead of "wants".
What do the Elite want? Same thing as most people want when they indulge in occasional fantasies: 1. Be the King of The World, and 2. to Live Forever. Which makes them want to be... "god-like".
FYI... The Elite are quietly paying small fortunes for research on #2. What else are they gonna do with the mountain of fiat cash, which they piled up with a "Little help from their friends*"?
* 'Friends' = The Fed, Modern FRB Banking and fiat currency, Wall St (IPOs and stocks), and a small army of eager serfs and acolytes looking to "get in on the action" while building their master's empire for him. I mean, it's not as though their master (Adelson, Buffet, Ellison, Gates, Koch, Trump... Zuckerberg) is 10,000x smarter, faster or stronger than they are, or works 10,000x9 hrs/day. It's all about Positioning1 and Leveraging2, which the worker bees don't grasp, or are not willing to grasp (mentally, emotionally or literally)
[1] Positioning via Quality Education, joining the right Clubs, Societies and Religious groups.
[2] Leveraging via Modern Banking & Finance, leverage politicians for Tax loopholes (existing or custom-made), Labor Laws and Trade Agreements (to Offshore Labor, reduce all Operating Costs).
Note that none of these Oligarchs are 'Christians' in that they are "following Jesus", even if they come from a 'Christian' household or heritage. Which many (Adelson... Zuckergberg) don't. Nor are they 'Patriots' -- much less proven/unconditional Patriots (i.e. "Soldiers with war wounds"). You see, vanity titles of Hero, Patriot or Saint don't cost money. Nor do Medals. None come with feudal titles or tracts of land. Coincidence? Hardly. The Elite mind is satisfied with Money and Power, and the Sheep are satisfied with their Daily Bread, Daily Chores and cost-free Vanity Titles.
American Freedom = 'Merican FreeDumb. Cause you gotta be (genetically or willfully) Dumb to believe you're Free. You're 'free' the same way a sheep is 'free'. Free to graze on the pasture provided.
My wife and I were just at the Biltmore this weekend!
My favorite things about the Biltmore are the "modern" conveniences and perfect little details. I do not believe there are artisans alive today that could build such a house.
It has brilliant designs for salt water refrigeration, coal heated drying racks for the laundry, and elegantly laid out kitchen and pantry areas.
Each bathroom in the house has a marble threshold to prevent water from flowing out under a door and also served as a visual marker so a guest could easily tell a bedroom from a bath in a long hallway of similar doors.
Also, the carved fireplaces and mantles are insanely gorgeous works of art.
I've visited at Christmas and many times in the summer. If you are near Asheville I highly recommend you stop by. The gardens are pretty and the wines are tasty.
yes it's beautiful , but it harks back to a different era.
the entire city of asheville started as a housing community for the construction workers who built the estate.
the vast majority of the land of the estate was donated as national forest. was it charity? was it to unload the land so as to avoid tax and maintanance? who knows. but the quantities of land available for the vanderbuilts to own in a prime forested area are simply not available anymore to purchase in those quantities.
pisgah national forest is over 2000 sqaure kilometers, and is about 2/3 the size of the entire state of rhode island, and it does not include all the other forested land NOT donated by the vanderbuilts to the state.
ted turner and john malone both own over 1 million acres of land each (4000 square kilometers) but alot of that land not in prime forests like in north carolina. much of it is in dessert and northern territories frozen over much of the year.
furthermore the vanderbuilts owned a whole lot more land than just the pisgah forest. but those were much different times. and yet, the similariities remain. the excess and inequality and control by the few of the many.
zeev
The Vandebilts, built Railroads, the Carnegies, Steel. What have the Wall Street-Fed Moochers built or created, besides debt and casino winnings?
It is equipped for off-grid operation too! They have a dynamo in the basement.
And a gym and an indoor pool. And a boiler or two of the same desgn as those on the Titanic. (now disused -- has a more contemporary gas furnace now) ...
Just finished reading up on Hearst Castle...yes, its property is bigger than Rhode Island too.
that place is still the middle of nowhere...now mostly a State Park and yes the family does still live there.
If it is still saleable I would imagine many billions.
one hundred million for a penthouse? You've got tens of thousands of those.
100,000 sq feet? Good luck with that.
Poured reinforced concrete and glass still isn't all that special I think. Just look at the Pentagon. Who wants to live there?
Just finished reading up on Hearst Castle...yes, its property is bigger than Rhode Island too.
that place is still the middle of nowhere...now mostly a State Park and yes the family does still live there.
If it is still saleable I would imagine many billions.
one hundred million for a penthouse? You've got tens of thousands of those.
100,000 sq feet? Good luck with that.
Poured reinforced concrete and glass still isn't all that special I think. Just look at the Pentagon. Who wants to live there?
@ Haus-Targaryen:
Spot-on! The entire "modern" movement, whether we're talking art, or architecture is just another shining example of civilization in decline.
The main difference between the über-wealthy of yesteryear, like J.D. Rockefeller, Hearst, Carnegie, and yes, even the Rothschilds, were that taxation schemes of the times dictated that they had to use some of their money for 'public good' - as a result, we have priceless collections in museums, libraries, etc.
The super-rich of today are "all about themselves"; don't give shit #1 about anything, or anybody. Their political agendas take center stage, but are either outright lies, or blatant hypocrisy.
So, fuck them.
Bingo.
Part of this modern movement is the destruction of the family. You needn't look any further than the feminist movement as a shining example as to why Western Culture is going to hell. Throw in every commercial/sitcom/Disney Princess show, and the father/man in the house is a bumbling fool, where the woman is a genius, and their gardner is even smarter.
Its another reason why I am wanting this crash to be a monster. Typically, when people get poor, they get "conservative" again, both financially and socially.
Until this happens, we as a society are fucked.
EDIT - Just saw your edit. Very true. Back 100 years ago the aristocrats were seen as the "defenders of the culture." While I still believe most of them to be insufferable cunts, they did spend a ton of money on stuff for the public good. Today, its all about getting a new Maserati and Yacht. The pepole? Fuck them, I'll electricy my fence.
I am in favor of brining back the aristocrats, where formal titles are given to people by law, but in order for that to be done, they have to BUILD stuff for the public good with a certain % of their income.
Want to be a "Lord" in today's America? Thats completely possible, you have to make more than $1M a year, and building facilities for the public good/enjoyment equal to 20% of your income year over year for 5 years.
We could tell at a distance the "good" 0.01%ers from the douche bags.
Haus, what a revealing and interesting comment
"Its another reason why I am wanting this crash to be a monster. Typically, when people get poor, they get "conservative" again, both financially and socially."
with this I think I understand you better, but remember one thing: typically, some of them become more conservative, while others become more... socialist
Usually Liberty flourishes with better standards of living, and suffers under worsening standards of living
"Back 100 years ago the aristocrats were seen as the "defenders of the culture." " Well, thank you. We still try, though
"While I still believe most of them to be insufferable cunts, they did spend a ton of money on stuff for the public good." Oh, I think insufferable is... part of the deal
regarding your political/constitutional proposal: have a look into Timocracy, and you'll find the roots of this thinking
$ 500 million, water not included!!
You can steal the water from Barbra Streisand.
Not sure where she's getting it.
I think she simply retained a lot of water somewhere in the past.
I'd put my Ballon Dog on the roof
Just buy the dip. what could go wrong?
The 16 baths have infinity toilets.
Are those like infinity pools, always full to the brim?
Yes. That is correct.
HAHAHAHA.....excellent mind-visual gag....well-done!!!
the biltmore estate was quite an interesting set up. it was more akin to a medieval construct where the surrounding estate was self sufficient creating everything from food to wine to clothing to textiles. the aristocracy lived in the house and everyone else served them on their land.
The secret vault held a treasure trove of valuables during WWII.
so awesome, whoever buys that house is great and we should all wish to be him
A 500 million dollar concrete box, no thanks. Biltmore is architectural beauty.
...and I GUARANTEE that the Biltmore Estate will have a 100x better construction quality.
I guess we will know for sure in a hundred years or so...
peak insanity. i think even mises would be suprised at the sheer stupidity of some of the malinvestment thanks to ZIRP and QE.
The term "Inequality" sounds too accidental. What we have is peak corruption, cronyism, and criminality which are willful assaults.
At such a price, all the seller really want is just some publicity.
He knows darn well nobody can afford it.
I believe algore could just sell a few more of his carbon credits if he wanted to buy it. Or ex-prez bubba could give another speech after his wife becomes prez. That should be good for increasing his speaking fee, shouldn't it?
I'm sure whoever buys that dog will preach to us about carbon footprints.
It looks like a parking garage.
Here you go, $500,000,000. Bought it with my fingertips. Yellen job is so darn easy.
Less inequality after the next crash. When it happens I'll be checking to see if the counties around Washington, DC (the country's richest) suffer.
Well considering the fact that a person never really owns any real estate, the thought of dropping $500 million on this thing for the privilege of paying an additional $15 million + per year in property taxes, err, no thanks.
But the property taxes are all for the children.
imagine the taxes, ha, even gates would be stressed writing that check.
That's hellish ugly. Looks like a '60s high school.
Think of all the great Porn that can be made in that thing...
It looks like a crematorium I recently visited for a funeral!!!
I guess the chimney isn't yet on the plans :-0
At least the Biltmore house was built in an area that can provide enough water to it and not dehydrate the surrounding communities.
How are they going to stop the thirsty locals from stealing the water????
Clusterfuck!
That is one ugly house. I thought only taxpayer money could build big ass ugly buildings but apparently i was wrong.
$500 million/100,000=$5K psf sale price/2 = $2,500 psf estimated margin (50% but probably closer to 60 or 70%). so say he is balls deep at peak equity around 20% ($50 million) and finances the remaining $100 to $200 million secured by his other assets. 20 month construction build time = 5X equity investment. Sounds like a winner to me! Hell, send me the prospectus and I will take a piece of the equity action. What? There's a line of equity players for that $50 million tranche?
That's too bad. I mean, what could go wrong in the next 20 months that crashes the real estate market????
Well, it is taxpayer money, or their credit card, one way or another.
"Piracy is not a victimless crime".
And some of the victims may be among Nile Niami's customers, poor children of immigrants who can, even now, only afford to spend $500,000,000.00 on a house. PLEASE don't force them to downsize to $444,444,444.44 houses; that might make them have to cut out the second heliport, or the olympic-size hot-tub. Such an embarrassment, when their friends fly in on their private jets to visit! :-)
:-) Not one tree? Where are California's environmentalists when we need them? Won't houses like this SIGNIFICANTLY increase global warming?
P.S. Does it have a car elevator? Mitt Romney's house has a car elevator. If it doesn't have a car elevator, I'm not interested. In fact, for $500,000,000.00, it should have a car tunnel to the nearest airport, and it should vacuum my Bentley from the baggage claim right up to my deck next to my olympic-size hot tub!
Bubba Clinton is gonna buy it as a HQ for the clinton family foundation west.
Why not just have your own airport and gulfstream?
:-) Yes! Of course, I already have my own Gulfstream, and I got one for Ginger, too. But right now I am waiting for the vertical-takeoff-and-landing private jets. And you wouldn't believe the price my silly neighbors want for me to bulldoze their houses. Should I call the USAF for a little assistance? Surely they must get bored of all the time practicing in the same old boring deserts.
Fucking LA County Tax Assessor has a huge hard on for this one I bet. High property taxes, drinking re-treated sewage, tidal wave of immigrants, San Andreas wound up tighter than a snare drum, what's not too like about LA?
Half a billion for a concrete nightmare.
And half a million illegals storming the perimeter. Better have a helo deck on the property.
Jesus Christ(or whomever)the Fucking property tax would hurt.
no it will be bought by a chaarity trust like maybe the CLINTONS and pay no taxes!
It will look hilarious with half of Compton and Dominguez Hills overrunning it for water.
These guys are ALL pikers compared to the First Family of Fiat & Central Banking, I saw a couple of these places in person while in Europe 20 years ago and it was the beginning of my awakening to the utter financial fraud being perpetrated by Central Banks. They gave some of their estates to the local governments (ie National Trust in England), probably because they were getting too expensive to maintain and staff -- besides they own the government & politicians anyhow
https://en.wikipedia.org/wiki/Rothschild_properties_in_the_Home_counties
from the link-
When Nathan Mayer Rothschild first arrived in London in the early nineteenth century his priority was to establish his business and to acquire influence. By the time of his death in 1836 he was able to pass a fast-growing banking business on to his eldest son Lionel Rothschild (1808–1879). Gunnersbury Park in Middlesex was the first Rothschild country house to be purchased (in 1835), marking the start of a move north and westwards to Hertfordshire and the Vale of Aylesbury.
-----snip---
Wiki isn't going to cite any of the legendary Rothschild funny business but they do cite Nial Ferguson's book on the Rothschilds which was a good & interesting read
Does the buyer's last name begin with a "K"?
I hate doing tourist shit, but the Biltmore Estate is pretty cool, nice place to kill a few hours and drink some wine
The FED sucks and our government is fascists but stop being such class warfare fags.
There will always be inequality becasue there are smart successful people who deserve it. There will always clearly be rampant envy and sheep who lap it up.
Stop being such panies and celebrate success.
Do they get a free wristband garmin to navigate around the house and property?
Throw in a Welcome Mat and you got a deal! I can fly up Friday to close....
I want the same square footage and infinity pools, but hanging from a helium balloon so I can avoid property taxes and change zipcodes at will.
Looks like a fine place for the revolutionaries to assemble after the SHTF.
That is if it's completed before the SHTF.
With the massive wealth inequality we are seeing, it's little wonder that high-end assets are skyrocketing in price. Art, real estate, etc...all are seeing record prices.
Of course this skews the statistics...the high prices raise the medians and give the impression the phenomenon is more widely spread than it is. In fact, it is only at the high end that we are seeing such big price rises...Joe SixPack's bilevel in the 'burbs isn't seeing anything like this.
This is your free market at work. When you start piling up at one end, market forces will attempt to restore a balance of sorts...all the accumulated wealth at the high end has driven up prices there. Those prices will continue to go up until all the excess wealth at that end is soaked up and redistributed. The more money these folks accumulate, the higher the prices on the stuff they buy will go.
The record prices will continue until the 'overflow' wealth is sopped up. After that, the resultant price crash will take care of the rest of the excess. Whoever buys this house had better like it enough to want to stay there, because I don't think the resale market will be kind to such over-valued properties in the years to come.
Location, Location, Location!
Don't ya'll know by now that's all that matters with Real Estate… You should see my mansion down in Durango! Don't laugh! Durango is second only to Hollywood when it comes to making movies!
/www.filmaps.com/mexico/durango/