Los Angeles mansion on the market for 2 years raises price by $20 million

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.

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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.

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.