What began as a 1.3-acre parcel in the private neighborhood of Holmby Hills is now the most expensive spec home for sale in Los Angeles, as well as one of The Agency’s most exclusive listings to date. Conceptualized by the famed international commercial developer Alessandro Cajrati Crivelli, the 16,000 sq. ft. estate is the Italian’s first California residential development and one of the most impressive spec homes to hit the market.

438-N-Faring-18“With the configuration of Los Angeles, in the nicest areas, you can only build single family—so the supply is extremely, extremely limited,” commented Crivelli in a recent Forbes article, Inventory Tight, Speculative Homebuilding Heats Up. Building and selling high-end luxury homes on spec is experiencing a comeback in centers of wealth across the country, explains the article, suggesting to the real estate community that the gamble of building a home without a buyer lined up is well worth the risk.

As the founder of Estate Four, an Italy-based design company, Crivelli is known for creating Italy’s premier fashion quarter, Zona Tortona in Milan, as well as teaming up with fashion icons such as Tom Ford and Giorgio Armani for commercial projects. Now in L.A., Crivelli is dedicated to “creating homes for the 1 percent of the 1 percent,” he tells The Hollywood Reporter.

American black walnut flooring meets exceptional ceiling heights in his modern Holmby Hills estate on 438 N. Faring Road. Massive terraces and expansive glass elements accentuate what Crivelli sees as true California living: being in your living room and outside at the same time. Other noteworthy features include a Harley Pasternak-designed gym, infinity pool with surrounding deck, and steps leading down to a sunken grass tennis court.

For more information, visit the home’s official listing page.