The California Dream Home is 500 MILLION away

Well, how much would you pay for THE most expensive home in Los Angeles?

One of the biggest homes in U.S. history is rising on a Los Angeles hilltop, and the developer hopes to sell it for a record $500 million. (That is exactly what you have heard – that amount of money). The house will have something like 100,000-square-foot, three smaller homes, 5,000-square-foot master bedroom, a 30-car garage and a “Monaco-style casino”. All of this is only 20 more months.

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The current highest U.S. asking price is $195 million for Palazzo di Amore, a Beverly Hills, California, estate being offered by billionaire real estate entrepreneur Jeff Greene. The record for a sale was the $147 million that Barry Rosenstein, managing partner at hedge fund Jana Partners, paid last year for an estate in East Hampton, New York.

This mansion will have 360-degree views of the Pacific Ocean, Beverly Hills, downtown Los Angeles and the San Fernando Valley. The average price of 37 homes sold in the first quarter in the Bel Air-Holmby Hills area of Los Angeles was $5.29 million, down 27 percent from a year earlier, when there were several “super deals,” according to an Agency report.

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New luxury mansions are proliferating in Los Angeles, often without buyers in place, known as building on spec. Niami, whose production credits include “The Patriot,” a 1998 action movie starring Steven Seagal, last September sold a Los Angeles home to entertainer Sean “Diddy” Combs for $40 million.(Say WHAT?)

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Los Angeles luxury homes have ballooned in size in the past 30 years, said Peter McCoy, contractor for a 53,000-square-foot mansion under construction on a Bel Air hilltop visible from Niami’s project.

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Construction costs for Los Angeles luxury homes average $700 to $800 a square foot before finishings and furniture, McCoy said. Niami, who wouldn’t discuss his sources of funding, has plans that call for four swimming pools, including a 180-foot infinity pool, and about 20,000 square feet of grass. That grass will most likely be synthetic, Niami said.

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Niami’s mansion is set to be the largest built in the U.S. this century, surpassing Versailles, a 90,000-square-foot chateau in Windermere, Florida, under construction for David Siegel, founder and chief executive officer of Westgate Resorts.