The country’s most expensive home – boasting five swimming pools, a 30-car garage, a bowling alley and more – will go up for auction on Monday after failing to sell for $ 295 million.
Named The One, the 105,000-square-foot Bel Air property could reach its highest price in U.S. history if it exceeds the $ 238 million hedge fund billionaire Ken Griffith spent on a Manhattan penthouse in 2019.
But White Elephant’s infamous mansion – which took eight years to build and was once marked at $ 340 million – has been an abyss since it went on sale last year and was banned.
Although the lavish mansion is undeniably impressive, some have expressed concerns about undetected construction deficiencies and violations of the zoning code, Los Angeles Times reported. Other possible red flags include a missing residence permit, although a broker representing the property has dismissed critics as “unhappy people”.
“You know, it’s really not for me or for you,” Williams & Williams’ agent Rainey Williams told the Times. “That’s one percent of the world, and we’re not one percent of the world.”
A 105,000-square-foot mega-name, known as The One, goes up for auction on Monday after failing to meet the asking price of $ 295 million on the open market.
While most people would be happy with one pool, the Bel Air mansion has five swimming pools
An agent for the ad said the obvious when he commented that the house was not likely to be looted by an ordinary person. “You know, it’s really not for me or you,” Rainey Williams said. “This is for one percent of the world, and we are not one percent of the world.”
Other features of the home include a cinema, a philanthropic charity wing, a nightclub, an open-air running track and a 4,000-square-foot guest house.
The 4,000-foot home’s main bathroom includes a spacious walk-in closet and a private pool.
Despite the size of the home, it should not be difficult to trace the bathroom. After all, they are 49.
Brandon Williams, who also represents the mansion with the Aaron Kirman Group at Compass, called the property a “modern masterpiece.”
“It’s four acres on top of a mountain in Bel Air and can never be rebuilt,” he said.
With that said, the 53-year-old Hollywood producer, who became developer Neil Niami, who started building the house in 2013 with the help of 600 employees, probably wishes it had never been so.
During its construction, the home was declared by Niami as “the largest and most expensive modern home in America.”
Moreover, the former Hollywood CEO has reportedly been convinced he can secure the asking price of $ 500 million for the impressive mansion, a forecast that will leave producers of films such as The Patriot and Point Blank hopelessly disappointed.
Other features of the home include a movie theater, a philanthropic charity wing, a nightclub, an open-air running track and a 4,000-square-foot guest house.
Inside the mansion is an indoor pool, where floor-to-ceiling windows allow plenty of natural light.
The indoor bowling alley is another feature of the home, full of digital boards and recreation areas
Brandon Williams, who also represents the property, called the home a “modern masterpiece.” He said: “It’s four acres on top of a mountain in Bel Air and it can never be built again.”
Colored glass sculpture was erected outside the house, which took eight years to build
It took eight years to build the spacious home and it was once put on the market for $ 340 million
Niami hired renowned architect Paul McLean and interior designer Catherine Rotondi to liven up his five-acre vision in the hills overlooking Los Angeles, but the cost overrun left him in huge debt of $ 180 million.
Niami, known as the “King of the Mega Estate in Los Angeles,” filed for Chapter 11 bankruptcy protection for his company Crestlloyd in October after failing to meet a $ 106 million debt to Hankey Capital.
The palace property was subsequently placed under management – a form of foreclosure – last year after being announced for $ 340 million in January of that year. At that moment, the house was withdrawn from auction, after ten months on the market.
After the foreclosure, the sale of the apartment was subsequently blocked until November 29. It finally returned to the market on Friday – its price was reduced by 45 million dollars.
Now, those familiar with the lawsuit say they will have to sell for at least $ 200 million just to cover the costs.
If the newly designated property fails to collect this price, creditors will either be forced to sell below the required price and incur a loss, or will direct the property to further foreclosure proceedings.
He is currently being represented by court-appointed trustee Ted Lanes, who now controls the property and is responsible for finding a buyer and paying off creditors and other creditors.
With that in mind, lenders and brokers say the second property announcement on Friday comes at an ideal time, with luxury real estate in Los Angeles currently a hot commodity.
Real estate sales of $ 10 million or more doubled in 2021 compared to 2019, before the pandemic, with a total of 312 sales, according to real estate appraiser Miller Samuel.
Working from home will not be a problem in The One, where office space is plentiful
The round moat seating area offers panoramic views of the mountains and forests
The home was built by Hollywood producer who became developer Neil Niami, 53, in 2013 with the help of 600 employees
The former Hollywood CEO has reportedly been convinced he can provide the asking price of $ 500 million for the impressive mansion
And the home itself, which boasts 21 spacious bedrooms and 42 bathrooms, is nothing to sneeze at, even by the luxury standards of Los Angeles.
Designed by architect Paul McLean and decorated by interior designer Catherine Rotondi, the structure is surrounded by a moat on three sides and “seems to float over the city,” Architectural Digest wrote last year in a profile of the modern castle.
The mansion even has its own beauty salon, which boasts bright red walls and opaque shampoo stations.
Despite the splendor, McLean and Rotondi, who were lured by Niami to build the structure, said they wanted to build a house that was light, bright and quiet.
“We wanted to provide this typical life in LA, but on a larger scale. “To make the home feel fit,” McLean said last year.
Interior photos show that the home has floor-to-ceiling windows allowing in the California sun.
The mansion even has its own beauty salon, which boasts bright red walls and opaque shampoo stations.
Insiders familiar with the lawsuit say they will have to sell for at least $ 200 million just to cover the costs
The home includes 21 spacious bedrooms, 42 bathrooms and a number of open-plan living spaces
During its construction, the home was named by Niami as “America’s Largest and Most Expensive Modern Home.”
There is no lack of breathtaking views from a number of points of view
Pictured: Female closet in the 4,000-square-foot master bathroom, which also includes a private pool
The power of Los Angeles can be seen from the well-maintained territory of the mansion
Niami first bought the land where The One now stands in 2012 for $ 28 million from Rita Kogan, the late heir to video games and daughter of Space Invaders creator Michael Cogan.
The former producer reportedly borrowed millions of dollars to finance the lavish project.
Now, more than a hundred million dollars and a decade later, the home is still unfinished and the buyer will have to cough up millions – and probably spend months stuck in construction – just to make the property habitable.
The bidding was scheduled to begin on Monday at 16:00 PST and end on March 3.