A 105,000-square-foot megamansion nestled in the hilly Bel Air neighborhood of Los Angeles that was listed for $295 million sold at a bankruptcy auction for $141 million, CNBC reports. The sale brings finality to an ambitious, onerous 10-year real-estate project.
Known as “The One,” the home was built by former Hollywood producer Nile Niami, who built some of the most extravagant mansions in Bel Air and Beverly Hills to sell for profit. When he began The One a decade ago, he referred to the property as his “life mission” and the “biggest, most expensive home in the urban world.” He planned to list it for $500 million, but mounting building costs and debt upwards of $190 million forced the property into receivership last year. As part of the bankruptcy agreement that followed, the home was listed at $295 million, but no buyers came forward, so it was put up for auction.
Sprawling atop 3.8 acres with views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains, The One boasts 21 bedrooms and 42 bedrooms. A gigantic moat rings the property, which also includes a nightclub, a full-service beauty salon, a wellness spa, a home theater that seats 40, a bowling alley, a 10,000-bottle wine cellar, 30-car garage and 400-foot private outdoor running track.
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The One is the most expensive home to ever sell at auction in the U.S. — and the world. The previous record was set by a $51 million home auctioned last year in Beverly Park. “It was a very competitive bidding process,” Laura Brady, CEO of Concierge Auctions, which auctioned the The One, told CNBC. “We had a strong field of bidders, with bidders from multiple countries.” The highest bid on the home was $126 million, but with the buyer’s premium, the final sale price will total $141 million.
The home’s buyer, who is expected to be revealed to the bankruptcy court in the coming days, will have to navigate wide-ranging home-improvement and legal issues. Per the receiver’s report and an engineering study, the house has cracks in and around many of the pools and stonework, signs of mold and multiple outstanding building and occupancy permits — not to mention the local homeowner’s association fighting its construction.
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The One is the third most-expensive home ever sold in Los Angeles, coming in after Marc Andreessen’s $177 million purchase last year of a Malibu compound and Jeff Bezos’ $165 million purchase of the former Jack Warner Estate in Beverly Hills.