The 105,000-square-foot mega-mansion, known as “The One,” in the Bel Air section of Los Angeles, was listed on Friday for $ 295 million, making it one of the most expensive listings in the United States.
Ten years after its construction, the property will be the most expensive home ever sold in the United States, surpassing hedge funds and acquiring asking prices. Ken Griffin’s $ 238 Million Purchase of Manhattan Apartment.. If sales are poor, “The One” will be auctioned in February and sold to the highest bidder.
The back of the house faces a huge lawn surrounded by moat-like water features and a 400-foot running track just below it.
“This is a modern masterpiece,” said Branden Williams of Beverly Hills Estate, who represents the property with Aaron Kirman of the Aaron Kirman group of compasses. “The four acres on the top of the Bel Aire mountain can never be built again.”
In addition to record prices, The One also has a history of drama, proceedings and debt. Nile Niami, who turned from a Hollywood producer to a developer, advertised it as “America’s largest and most expensive modern home” and was eventually built at an asking price of $ 500 million.
The foyer of the mansion has a 25-foot ceiling, large serpentine sculptures, and panoramic views of downtown Los Angeles.
As costs soared, home mortgage debt increased to more than $ 180 million. The Mega Mansion became a trustee last year. As part of last month’s bankruptcy agreement, it was scheduled to be sold at auction from February 7.
“The One” is located on 3.8 acres and many of the homes are surrounded by moat-like water features.
Those involved in the court proceedings said “The One” had to sell for about $ 200 million just to pay off its debt, including auction fees and other costs. If it sells cheaper, the lender may have to take a loss, otherwise the property may end up in a further foreclosure proceeding.
Still, lenders and brokers expect the property to hit the market at the ideal time. Luxury real estate in Los Angeles is breaking records. According to Miller Samuel, sales of properties priced above $ 10 million doubled in 2021 compared to 2019 before the pandemic, for a total of 312 deals.
The formal dining room has 20 seats and an oversized glass wine cellar for displaying large bottles.
According to brokers, interest in “The One” is already growing. Williams said there are two offers at the table. One is from the Saudi royal family and the other is from wealthy Chinese buyers. He said more offers are soon expected from cryptocurrency buyers who “see this house as their space station.”
Mega-mansion is sometimes called a “space station” because of its huge size and unusual shape.
“There will be great demand for this property,” he said. “Demand for US real estate has peaked because the dollar is weak and people want real tangible assets.”
Carman added that the property is more than just a home, it’s a full-fledged private resort for “billionaire buyers who want an all-inclusive life.”
On the lower floors of the house is a full-service salon with shampoo station, pedicure chairs and hair and makeup area.
The house is located on 3.8 acres and has 21 bedrooms and 42 bathrooms. Built on a flat mountain, it offers views of the Pacific Ocean, downtown Los Angeles, and the San Gabriel Mountains. There are seven water views, including a huge moat that runs through the premises. It features a night club, a full-service beauty salon, a wellness spa, a 40-seat home theater, a bowling alley, a 10,000-bottle wine cellar, a 30-car garage, and a 400-foot private outdoor running track.
View from the master bedroom with retractable glass walls open towards a wraparound balcony overlooking LA.
For guests or staff, it has a 3-bedroom guesthouse with its own infinity pool.
Still, Buyers of “The One” have to fight the thickets of financial and legal issues. According to recipient reports and engineering studies, the house has many pools and cracks around the stonework, and there are also signs of mold. There are several excellent building and residence permits, and the local Homeowners Association is challenging its construction.
meaghome’s 10,000-square-foot roof deck includes a golf green with impressive views of downtown.
Due in part to the nearby “The One” and other mega-condominiums, local building codes have changed in recent years to prevent other super-sized homes from being built again.
Developer Nile Nami (left) walks with CNBC’s Robert Frank (right) during an interview at “The One” in 2017, when a megahome is under construction.
Lenders also continue to fight each other in bankruptcy courts over procedures and priorities. Last month, Niami took part in his last effort, releasing a video saying he wanted to turn his home into a crypto investment, and sold real estate-backed new tokens called “One Coins” to investors.
A four-lane bowling alley on the basement level of the house.
“Hopefully there’s someone in the stratosphere who wants to walk hand in hand with me,” Niami said in a video. He declined further comments, and lenders and lawyers rejected Niami’s plan.
After all, according to Carman, the 10-year drama around the house doesn’t discourage buyers after they visit the property.
View of the Los Angeles megahome at sunset.
“The controversial history is not a secret,” he said. “But when potential buyers walk through the site, they will find that the opportunities are so extraordinary that the past is no longer really important.”
The auction held by the Concierge Auction will be held from February 7th to 10th. Bidder must wire $ 250,000 and provide proof of funding to qualify for bidding.
America’s Most Expensive Homes Listed For $ 295 Million And Could Be Auctioned
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