Nile Niami’s Opus megamansion has finally sold to someone who didn’t pay to develop it.
The 20,000-square-foot Trousdale Estates property, which Niami’s lender paid $38 million for earlier this year, was sold to a multifamily investor based in the San Gabriel Valley, according to Variety.
The buyer is prolific real estate investor Bin Fen Cheng, according to the report. The mansion at 1175 North Hillcrest Road was most recently listed for $60 million, but the latest sale price hasn’t been disclosed.
Niami completed Opus in 2017. It came to market as by far the most over-the-top white box spec mansions of the last decade, with an asking price of $100 million. Niami’s racy marketing campaign with scantily-clad women traipsing around the mansion drew attention, not all of it positive.
The property struggled to attract buyers and the asking price came down to $60 million before rising back last fall to $80 million.
Lender Joseph Englanoff bought the home in February, and undertook a renovation to make it more appealing to a wider pool of buyers, particularly families. Listing agents Branden and Rayni Williams also revised its marketing.
The stone floors were replaced with wide-plank oak floors and the champagne refrigerator was converted into a pantry. The gold Lamborghini and gold Rolls Royce in the underground auto museum space were replaced with a dinosaur fossil.
Bin’s real estate holdings include shopping centers in Arcadia and Rowland Heights, along with apartment buildings, Variety reported. In January 2019, The Real Deal reported that Yeh paid $220 million for 801 South Hope Street, a 22-story building that includes 290 luxury apartments and 5,900 square feet of retail space.
Bin appears to be keeping her two-acre San Marino estate she’s shared with her husband for more than two decades. [Variety] — Dennis Lynch
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