The most expensive house in the United States is priced at $295 million and may be auctioned

On Friday, a huge 105,000-square-foot mansion in the Bel Air district of Los Angeles was called “The One,” and it was listed for sale at a price of $295 million, making it the most expensive listed property in the United States.

If this ten-year-old property reaches the asking price, it will become the most expensive house ever sold in the United States-more than hedge funds Ken Griffin $238 million to buy an apartment in ManhattanIf it does not sell quickly, “The One” will be auctioned in February and will be sold to the highest bidder.

The back of the house leads to a huge lawn, composed of a moat-like water feature and a 400-foot track directly below.

Mark Angelis

“This is a modern masterpiece,” said Brandon Williams of Beverly Hills, who represented the property together with Aaron Kirman of Compass’s Aaron Kirman Group. “It is located on top of a mountain in Bel Air. It covers four acres and can never be built again.”

In addition to record prices, “The One” is also accompanied by a history of drama, litigation and debt. It was built by Nile Niami, a developer who switched careers to a Hollywood producer, who advertised it as “the largest and most expensive modern residence in the United States,” and the final asking price was US$500 million.

The foyer of the mansion includes a 25-foot ceiling, a large serpentine sculpture and panoramic views of downtown Los Angeles.

Joe Bryant

As costs soared, Niami’s debt on the house increased to more than 180 million U.S. dollars.This The mansion was placed in takeover last year. As part of the bankruptcy agreement reached last month, it was originally scheduled to be sold at auction on February 7.

“The One” covers an area of ​​3.8 acres, most of the residences are surrounded by moat-like water features.

Mark Angelis

Those involved in the court proceedings stated that “The One” will have to be sold for approximately US$200 million to repay debt, including auction fees and other expenses. If its price is lower, the lender may have to bear the loss, otherwise the property may end in further foreclosure lawsuits.

Ideal timing for the luxury market in Los Angeles

However, lenders and brokers hope that the property will be listed at the ideal time. Luxury real estate in Los Angeles is breaking records. Miller Samuel said that compared with 2019 before the pandemic, sales of properties priced at $10 million or more in 2021 have doubled, and a total of 312 units have been sold.

The formal restaurant includes seating for 20 people and an oversized glass wine cellar for displaying large wine bottles.

Mark Angelis

Mark Anderson After he bought a compound in Malibu for $177 million, he just set a record in California, and Coin Bank Chief Executive Brian Armstrong (Brian Armstrong) spent $133 million to purchase a modern mansion near “The One” in Bel Air.

The agent said that people’s interest in “The One” is already strong. Williams said he has two offers-one from the Saudi royal family and one from a wealthy Chinese buyer. He stated that cryptocurrency buyers who “see this house as their own space station” are expected to provide more offers soon.

This huge mansion is sometimes called the “space station” because of its huge size and unusual shape.

Mark Angelis

“The demand for this property will be great,” he said. “Demand for U.S. real estate is soaring because the dollar is weak and people want real tangible assets.”

Kirman added that the property is more than just a house-it is a full-fledged private resort, suitable for “billionaire buyers who want an all-inclusive life.”

The lower level of the house includes a full-service salon with shampoo, pedicure chairs, and hair and makeup areas.

Joe Bryant

The residence occupies 3.8 acres with 21 bedrooms and 42 bathrooms. It is built on a flat hill with beautiful views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains. It has seven water features, including a huge moat surrounding the hotel. It has a nightclub, a full-service beauty salon, a health spa, a 40-person home theater, a bowling alley, a 10,000-bottle wine cellar, a 30-car garage, and a 400-foot private outdoor track.

With a view of the master bedroom, a retractable glass wall leads to a wrap-around balcony overlooking Los Angeles.

Mark Angelis

For guests or employees, it has a three-bedroom hotel with its own infinity pool.

Nevertheless, any buyer of “The One” will have to deal with a series of financial and legal issues. According to the recipient’s report and an engineering study, many pools and stone carvings in the house had cracks in and around them, as well as signs of mildew. It has several unfinished buildings and occupancy permits, and the local owners association is challenging its construction.

Meaghome’s 10,000 square foot roof deck includes a golf course with impressive views of the city centre.

Joe Bryant

Niami’s last fight

Part of the reason is that “The One” and other large mansions have been built nearby. In recent years, local construction laws have changed to prevent the construction of other super large houses again-brokers say this will only increase the value of “The One”.

Developer Nile Niami (left) walked with CNBC’s Robert Frank (right) in an interview with “The One” in 2017, when the giant residence was under construction.

NBC Finance Channel

Lenders also continue to fight each other over procedure and priority in bankruptcy court. Niami made his own final efforts last month and released a video stating that he wants to turn the house into a crypto investment and sell a new token called “The One Coin” to investors, which will be used by the property support.

A four-lane bowling alley is located on the ground floor of the residence.

Joe Bryant

Niami said in a video: “I hope someone wants to walk into the stratosphere with me hand in hand.” He declined to comment further, and the lender and lawyer rejected Niami’s plan.

Ultimately, Kirman said, the 10 years of drama surrounding the house will not deter buyers from visiting the property.

Los Angeles seen from giant residences at dusk.

Mark Angelis

“Its controversial history is no longer a secret,” he said. “But when potential buyers visit the site, they will find that the opportunity is so extraordinary that the past is no longer important.”

The auction held by Concierge Auctions is scheduled to take place from February 7th to 10th. Bidders must wire transfer USD 250,000 and show proof of funds to be eligible to participate in the bid.

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