Iraqi Tycoon Builds White House Replica

— -- It's not on 1600 Pennyslvania Avenue, but a to-scale replica of the White House under construction in northern Iraq is "close enough."

"It's outrageous, really fancy, and well-built," Tony Hozeph, general manager of Dream City, told ABC News.

Dream City is a ritzy community in the Kurdish capital of Erbil.

Hozeph would not identify the owner other than to say it was a prominent Kurdish businessman.

A buyer offered to purchase the replica for $17 million, but the current owner refused, according to Hozeph.

"It's not finished yet completely, there's no furniture and the interior construction still needs to be done," Hozeph said.

Dream City is one of Iraq's most expensive communities with mansions that would not look out of place in Beverly Hills. Vacant land in the area has a starting value of $250 per square foot. And a house sells for four times that, at $1,000 per square foot, Hozeph said.

Planned communities like Dream City are emerging on the heels of a real estate boom that began in 2003. They're home to wealthy Iraqis and Kurds who made their fortunes in oil and other businesses, Hozeph said.

Security remains a concern for the enclave, especially with the presence of the militant force ISIs which recently threatened Erbil until the U.S. air force intervened.

A fortified fence surrounds the development. "High tech companies and government agencies provide security," Hozeph explained.