A 105,000-square-foot Los Angeles mega-mansion that had been marketed for $295 million sold for $141 million at a bankruptcy auction, bringing an end to a 10-year odyssey of mounting debt and shattered expectations.
The home, dubbed “The One,” was auctioned off on Thursday night, with the top price of $126 million. According to Laura Brady, CEO of Concierge Auctions, which auctioned the mansion, the total transaction price would be $141 million, including the buyer’s premium.
After Marc Andreessen’s $177 million purchase of a Malibu compound last year and Jeff Bezos‘ $165 million acquisition of the historic Jack Warner Estate in Beverly Hills, this is the third most expensive home ever sold in Los Angeles.
“The One” is also the most expensive home ever sold at auction in the United States and the globe. It surpassed a mansion auctioned in Beverly Park last year for $51 million.
“The bidding procedure was competitive,” Brady added. “We had a large field of bidders, including bidders from a variety of nations.” Brady will not comment on the buyer, who is expected to be revealed in the coming days to the bankruptcy court.
The biggest mansion in Americasale brings one of the most contentious high-end real-estate projects ever to a finish. At least for the time being. Nile Niami, a flamboyant and ambitious former Hollywood producer, designed it. He went on to create some of the most extravagant residences in Beverly Hills and Bel Air to sell for profit. Nile Niami advertised the house as his “life purpose” and “the biggest, most costly mansion in the urban world”. When he first started “The One” more than a decade ago, with an eventual asking price of $500 million.
The Biggest Mansion In America
“The One,” which lies on 3.8 acres and has 21 bedrooms and 42 bathrooms, rises like a spaceship from the manicured hills of Bel-Air. The Pacific Ocean, downtown Los Angeles, and the San Gabriel Mountains can all be seen from here. There are seven water features on the site, including a large moat that runs around the perimeter. A nightclub, a full-service beauty salon, a wellness center, a 40-seat home theater, a bowling alley. Also, a 10,000-bottle wine cellar, a 30-car garage, and a 400-foot private outdoor jogging track are among the amenities.
However, when construction prices increased, so did the difficulties. Miami’s debt had risen to over $190 million. Last year, the property was placed in receivership and ultimately declared bankrupt. It was advertised for $295 million as part of a bankruptcy arrangement. And placed up for auction if no buyer could be found.