“The One”, located in Bel Air, just west of downtown Los Angeles just went on sale for $295 million, making it the most expensive listing in America.
The property, if it sells near the asking price, would make it the most expensive home sold in California- surpassing hedge funder KEN GRIFFIN’S $238 million purchase of an apartment in Manhattan. If it doesn’t sell quickly, “The One” heads to auction in February and will be sold to the highest bidder. The home was expected to be listed for more than $500 million but construction ran late and the developer ran into financial trouble.
The 105,000 square foot megamansion has 21 bedrooms, 49 bathrooms and five indoor and outdoor swimming pools. It includes panoramic views of the pacific ocean, several views of artwork, a chandelier, a nightclub, beauty salon, a wellness spa, a bowling alley, a 10,000 bottle wine cellar, a 30 car garage,a rotating statue and sits on 3.8 acres. A 10,000 square-foot sky deck and 400 foot outdoor running track encircle the mansion.
Along with a record setting price, “The One” also comes with a drama, lawsuits and debts. It was built by Nile Niami, a Hollywood producer turned developer, who promoted it as the “biggest and most expensive modern home in America” with an eventual asking price of $500 million.
As costs soared, Niami’s debt on the house grew to more than $180 million. The megamansion was placed into receivership last year. As part of a bankruptcy agreement struck last month, it was scheduled to be sold at an auction, beginning February 7th.
People involved in the court process said “The One” would have to sell for around $200 million just to pay back the debt, including the auction fees and other costs. If it sells for less, the lenders may have to take a loss, or the property would wind up in further litigation.