The unnamed buyer of a Hollywood Hills mansion by spec developer Nile Niami is looking to flip the property for a $12 million profit months after closing on the home.
The property, located at 1369 Londonderry Place just above the Sunset Strip, is back on the market with an asking price of nearly $38 million, according to Zillow. The current owner, a Santa Barbara-based entity called Londonderry Property, LLC, paid $26 million for the 14,000-square-foot spec mansion in July, records show.
The new listing price adds to the history of fluctuations for the home. The property had a $55 million price tag when it came on the market in 2019. It underwent a series of cuts before settling into an asking price of $30 million in June of 2021.
The six-bed, ten-bath home was completed in 2018. The two-story home sits on a 0.4-acre lot and has features such as a wellness spa with a cryo chamber, a hot yoga room, a movie theater and a double decker swimming pool with a glass bottom.
According to a 2019 report from the Wall Street Journal, Niami hosted a party at the property that was inspired by the Hieronymous Bosch painting “The Garden of Earthly Delights.” At the time, Rayni Williams, who was then in charge of the listing, described the mansion as a “very sexually-charged home.”
Niami eventually received fines from the city officials for large parties at his properties— including at the Londonderry Place mansion— that were in violation of the city’s COVID-19 lockdown regulations.
The Agency’s Camellia Yeroomian and Douglas Elliman’s Chase Rogers, the brokers handling the listing, did not respond to requests for comment.
The post Niami mansion markup: Owner looks for $12M profit on flip in Hollywood Hills appeared first on The Real Deal Los Angeles.
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