
A Hollywood producer is hoping to more than double the world-record for the most expensive home ever sold with a $500million 'palace' in Bel Air.

The 100,000 sq ft hilltop residence, which is being built in the affluent Los Angeles neighborhood, will feature a 5,000 sq ft master bedroom, 30-car garage and 45-seat IMAX cinema.

With spectacular 360-degree views of the LA basin, Beverly Hills and the Pacific Ocean, the property - which boasts neighbors including Jennifer Aniston and Elon Musk - will house a nightclub and casino, and even a 'jelly fish room' with water-filled tanks on three walls.

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Pricey: The Bel Air mansion will be put up for sale at $500million - more than twice the price of the most expensive home sold to date

It will have three smaller homes, four swimming pools including a 180ft long infinity pool and a 20,000 sq ft artificial lawn to comply with California's drought-induced water restrictions.

Developer Nile Niami , the Hollywood producer turned property developer behind films including action-thriller The Patriot, hopes to smash the previous record for the priciest home ever sold.

In 2011, a London penthouse was bought for $221 million by Lakshmi Mittal, the billionaire industrialist.

Five properties sold for $100 million or more last year, Christie's International Real Estate reported last month.

Luxury: The LA mansion will feature four swimming pools and three smaller properties

Under construction: The $500million home will take another 20 months to complete, developers estimate

Mr Niami's property portfolio includes an $18 million house built and sold to Tyler and Cameron Winklevoss, the twin brother entrepreneurs who sued Facebook.

He told Bloomberg his latest project would have ' almost every amenity available in the world. The asking price will be $500 million. ' The architect said it would be 'very similar to a palace'.

Former residents in the wealthy neighborhood have included Ronald Reagan and Sir Alfred Hitchcock.

It is expected to take around 20 months to complete.

Renderings also show the likes of infinity pools and an artificial lawn, which will require no water to maintain amid California's current drought.

Should the home be purchased, it will not only become the most expensive home of all time, it will more than double the previous record, a $221 million London penthouse, sold in 2011.

Last month, Christie's International Real Estate reported that 20 other homes are currently on the market with nine-figure price tags.

Luxurious: The record-breaking priced property will feature four swimming pools and artificial lawns

Artists impression: The home will have its own cinema and enough parking for 30 cars once completed