A 105,000-square-foot megamansion, generally known as “The One,” within the Bel Air part of Los Angeles listed Friday for $295 million, making it the costliest itemizing in America.
The property, which has been a decade within the making, can be the costliest house ever bought within the U.S. if it will get its asking value — surpassing hedge-funder Ken Griffin’s $238 million buy of an condominium in Manhattan. If it does not promote shortly, “The One” heads to public sale in February and will probably be bought to the best bidder.
The rear of the house opens to an enormous garden framed by a moat-like water characteristic and a 400 ft. operating monitor just under it.
“It is a trendy masterpiece,” mentioned Branden Williams, of The Beverly Hills Estates, which is representing the property together with Aaron Kirman of Aaron Kirman Group at Compass. “It is 4 acres on the high of a mountain in Bel Air, and it might by no means be constructed once more.”
Together with a record-setting value, “The One” additionally comes with a historical past of drama, lawsuits and debt. It was constructed by Nile Niami, a Hollywood-producer-turned-developer, who promoted it because the “greatest and most costly trendy house in America,” with an eventual asking value of $500 million.
The mansion’s lobby consists of 25-foot ceilings, a big serpent-like sculpture and panoramic views of downtown LA.
As prices soared, Niami’s debt on the home grew to greater than $180 million. The megamansion was positioned into receivership final 12 months. As a part of a chapter settlement struck final month, it was scheduled to be bought at an public sale, starting Feb. 7.
“The One” is located on 3.8 acres with a lot of the residence surrounded by a moat-like water characteristic.
Individuals concerned within the courtroom course of mentioned “The One” must promote for round $200 million simply to pay again the debt, together with the public sale charges and different prices. If it sells for much less, the lenders might should take a loss, or the property may wind up in additional foreclosures litigation.
A great time for LA’s luxurious market
But lenders and brokers hope the property is coming to market at an excellent time. Luxurious actual property in Los Angeles is breaking data. Gross sales of properties priced at $10 million or extra doubled in 2021 in contrast with 2019, earlier than the pandemic, with a complete of 312 gross sales, based on Miller Samuel.
The formal eating room consists of seating for 20 and an over-sized glass wine cellar for displaying large-format bottles.
Marc Andreesen just set a record in California after he paid $177 million for a compound in Malibu, while Coinbase CEO Brian Armstrong paid $133 million for a modern mansion, located near “The One” in Bel Air.
Brokers say interest in “The One” has already been strong. Williams said he has two offers on the table — one from a Saudi royal and one from a wealthy Chinese buyer. He said more offers are expected soon from crypto buyers who are “looking at this house as their own space station.”
The megamansion is sometimes referred to as “the space station” because of its massive size and unusual shape.
“There is going to be huge demand for this property,” he said. “Demand for U.S. real estate is through the roof because the dollar is weak and people want real tangible assets.”
Kirman added that the property is more than a house — it’s a full-scale private resort for “the billionaire buyer who wants all-inclusive living.”
The home’s lower level includes a full-service salon equipped with shampoo stations, pedicure chairs and a hair and make-up area.
The home sits on 3.8 acres and features 21 bedrooms and 42 bathrooms. Built on a leveled mountain, it has views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains. It has seven water features, including a massive moat that runs around the property. It has 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 a 400-foot private outdoor running track.
The view from the primary bedroom where retractable glass walls open to a wraparound balcony overlooking LA.
For guests or staff, it has a three-bedroom guest house with its own infinity pool.
Still, any buyer of “The One” will also have to contend with a thicket of financial and legal issues. According to the receiver’s report and an engineering study, the house has cracks in and around many of the pools and stonework, as well as signs of mold. It has several outstanding building and occupancy permits, and a local homeowner’s association is challenging its construction.
The meaghome’s 10,000 sq. ft. roof deck includes a golf green with impressive views of downtown.
In part because of “The One” and other megamansions built nearby, local building laws were changed in recent years to prevent other supersized homes from ever being built again — which brokers say only adds to the value of “The One.”
Developer Nile Niami (left) walks with CNBC’s Robert Frank (right) during a 2017 interview at “The One” while the megahome was under construction.
The lenders also continue to battle each other in bankruptcy court over procedures and priority. Niami weighed in with his own last-ditch effort last month, releasing a video saying he hoped to turn the home into a crypto investment, selling a new token to investors called “The One Coin” that would be backed by the property.
The four-lane bowling alley on the home’s subterranean level.
“Hopefully, there’s someone out there that is going to want to walk hand in hand with me into the stratosphere,” Niami said in a video. He declined further comment, and lenders and lawyers have dismissed Niami’s plans.
Ultimately, Kirman said, the 10 years of drama around the house won’t deter buyers once they tour the property.
The megahome’s view of Los Angeles at dusk.
“Its controversial history is no secret,” he said. “But when a potential buyer walks the site they’ll see the opportunity is so extraordinary that the past won’t really matter anymore.”
The auction, held by Concierge Auctions, is scheduled to run Feb. 7-10. Bidders would have to wire $250,000 and show proof of funds to qualify for bidding.