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The most expensive home in America for $ 295 million may be up for auction

The 105,000-square-foot Megamansion, known as The One, in the Bel Air area of ​​Los Angeles, went up for sale Friday for $ 295 million, making it the most expensive listing in America.

This decade-old home would be the most expensive home ever sold in the U.S. if it got its asking price – surpassing hedge sponsor Ken Griffin’s $ 238 million purchase of an apartment in Manhattan. If it doesn’t sell quickly, “The One” will go to auction in February and be sold to the highest bidder.

The back of the house opens onto a massive lawn flanked by a moat-like water feature and a 400-foot jogging track just below it.

Mark Angeles

“This is a contemporary masterpiece,” said Branden Williams of Beverly Hills Estates, who represents the property with Aaron Kirman of Aaron Kirman Group at Compass. “It’s four acres on top of a mountain in Bel Air and will never be built again.”

Besides the record price, “The One” also contains a history of drama, lawsuits and debts. It was built by Neil Niami, a Hollywood producer and later developer, who promoted it as “America’s largest and most expensive modern home” with an estimated asking price of $ 500 million.

The mansion’s foyer features 25-foot ceilings, large serpentine sculpture, and panoramic views of downtown Los Angeles.

Joe Bryant

As costs escalated, Niami’s debt on the house rose to more than $ 180 million. Megamansion was transferred to the admissions office last year. As part of the bankruptcy agreement concluded last month, it was supposed to be sold at auction starting February 7th.

The One is set on 3.8 acres, most of the residence is surrounded by a moat-like body of water.

Mark Angeles

People involved in the lawsuit said The One would have to sell for about $ 200 million just to pay off the debt, including auction fees and other expenses. If it is sold at a lower price, creditors may have to incur losses or the property may end up in further foreclosure litigation.

Perfect time for the Los Angeles luxury market

Nonetheless, lenders and brokers hope that the property will hit the market at the ideal time. Luxury real estate in Los Angeles is breaking records. Sales of real estate worth $ 10 million or more in 2021 doubled from 2019, before the pandemic, to a total of 312 sales, according to Miller Samuel.

The formal dining room includes 20 seats and a large glass wine cellar for displaying large format bottles.

Mark Angeles

Megamansion is sometimes called a “space station” because of its enormous size and unusual shape.

Mark Angeles

“The demand for this property will be huge,” he said. “The demand for real estate in the US is off the charts because the dollar is weak and people need real tangible assets.”

Kirman added that real estate is more than a home – it is a full-fledged private resort for a “billionaire buyer who wants to live on an all-inclusive basis.”

The lower level of the house houses a full-service salon with shampoo, pedicure chairs and a hair and make-up area.

Joe Bryant

The home is set on 3.8 acres and has 21 bedrooms and 42 bathrooms. Built on a flat mountain, it overlooks the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains. It contains seven bodies of water, including a massive moat that surrounds the area. It has a nightclub, full-service beauty salon, spa and wellness center, home theater for 40 people, bowling alley, wine cellar for 10,000 bottles, garage for 30 cars and its own 400-foot jogging track.

View from the master bedroom where sliding glass walls open onto a perimeter balcony overlooking Los Angeles.

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For guests or staff, there is a guest house with 3 bedrooms and a private infinity pool.

Nevertheless, any buyer of “Ediniy” will have to face a lot of financial and legal issues. According to the recipient’s report and engineering study, the house has cracks in and around many pools and masonry, as well as traces of mold. It has several outstanding building and location permits, and the local homeowners association is contesting its construction.

On the roof of a 10,000 sq. Ft. There is a golf course with impressive views of the city center.

Joe Bryant

Niami’s last attempt

Due in part to The One and other metropolitan areas being built nearby, local building laws have been amended in recent years to prevent the re-construction of other large homes, which brokers say only adds value to The One. …

Developer Neil Niami (left) walks with Robert Frank (right) of CNBC (right) during a 2017 interview on The One while the megahome was still under construction.

CNBC

Creditors also continue to fight each other in bankruptcy court over procedures and priority. Last month, Nyami went to great lengths to release a video stating that he hopes to turn the house into a cryptocurrency by selling investors a new token called “The One Coin,” which will be backed by property.

Bowling alley with four lanes on the underground level of the house.

Joe Bryant

“Hopefully there’s someone out there who wants to go with me into the stratosphere,” Niami said in the video. He declined to comment further, and creditors and lawyers rejected Niami’s plans.

Ultimately, Kirman said, 10 years of drama around the house won’t scare off buyers when they tour it.

View of the megahome of Los Angeles at dusk.

Mark Angeles

“It’s no secret that its history is controversial,” he said. “But when a potential buyer goes through the site, they see that the opportunity is so extraordinary that the past doesn’t matter anymore.”

Concierge Auctions is slated for February 7-10. To qualify for participation in the auction, bidders will need to transfer USD 250,000 and submit documents confirming the availability of funds.


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