The One is a mansion in Bel-Air that was once valued at $500 million. Now, the megamansion is being sold for $295 million and will be available on the open market until it’s auctioned off from February 28th to March 3rd. Concierge Auctions is the online auction marketplace responsible for the listing.
The home will be sold without reserve, which essentially means the highest bidder gets the house. Even if it sells close to the listing price, it will likely break US real estate records. Currently billionaire Ken Griffin’s $238 million New York penthouse holds the record as the most expensive US home ever sold when it was purchased back in 2019.
The One took more than 10 years to build and bring to life. Nile Niami developed the property, however, after his development company, Crestlloyd, filed for bankruptcy last year, the home has been redirected to auction as part of the bankruptcy proceedings. The home still has about 12 months of work left, meaning the buyer will have to put down around $340,000 as a deposit.
Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates are partnering with Concierge Auctions to market the home:
“As the real estate community knows, there are a very limited number of $300 million homes and it often takes one to five years to sell ultra high-end mega mansions. An auction is the best way to sell the home in a specific period of time. The team is open to receiving offers prior to the auction, based on price and terms. It is highly probable that the auction will happen in order for buyers to compete to own the world’s ultimate estate,” Kirman explained.
The One is one of the largest homes ever built. It’s twice the size of the White House at 105,000 square feet on a property of over 3.8 acres. Outside of the property there;s a moat of water covering three sides of the home, five pools, a 10,000 square foot deck, and a 400-foot outdoor running track.
“What we have learned from the pandemic is that a home is one of the most important aspects of life. The property provides an extravagant life, where one doesn’t need to leave their home.”
“It has everything one can imagine, including five swimming pools; a wellness center with a juice bar; large salon and spa; game rooms; bars; bowling alley; a full-size theater; golf simulator; rooftop; cigar lounge; a charity pavilion or special event space; and numerous other astonishing amenities,” Kirman says.
The home has 21 bedrooms, 42 full bathrooms, and seven half bathrooms. Within the home there is artwork that has been custom curated from artists Mark Fields, Stephen Wilson, and Simoe Cenedese.
“The One earns its moniker because a home of this size and magnitude simply can never be built again due to anti-mansionization laws that were passed in Los Angeles during The One’s construction. To have 3.8 acres at the top of Bel-Air with unobstructed 360-degree views from every single room is unparalleled,” says co-listing agent Branden Williams.
The home also includes a putting green, 10,000 bottle wine cellar, tennis court, and night club.
“The private gala event space with 360-degree views of the city and floating pod seating was an important vision to realize for the developer. He envisioned a home that would be the buyer’s own private resort and have the ability to host the world’s top philanthropists for charity events without ever leaving your estate. It’s obvious why the home holds value, but in a time when metaverse real estate is in the conversation, there’s something to be said about the importance of physical property,” Williams says.
“These virtual assets have a value based on how much a consumer is willing to pay backed by a specific commodity, typically money, gold, property, etc.,” Kirman says.
“Real property is an indefinite necessity with proven market values over time, so buying one of the most unique properties ever built in Los Angeles is an investment that cannot be quantified and will be worth it. Comfort is an invaluable resource, so purchasing a property with virtually every amenity available is impossible to quantify since it has never been done before. Supply and demand helps determine something’s value and this is one of one. The supply couldn’t be more limited.”
The home is expected to sell without reserve by March 3rd.
Eric Mastrota is a Contributing Editor at The National Digest based in New York. A graduate of SUNY New Paltz, he reports on world news, culture, and lifestyle. You can reach him at email@example.com.