Most expensive home in America lists for $295 million, may head to
A 105,000-square-foot megamansion, known as “The One,” in the Bel Air section of Los Angeles listed Friday for $295 million, making it the most expensive listing in America.
The property, which has been a decade in the making, would be the most expensive home ever sold in the U.S. if it gets its asking price — surpassing hedge-funder Ken Griffin’s $238 million purchase of an apartment in Manhattan. If it doesn’t sell quickly, “The One” heads to auction in February and will be sold to the highest bidder.
The rear of the home opens to a massive lawn framed by a moat-like water feature and a 400 ft. running track just below it.
Marc Angeles
“It’s a modern masterpiece,” said Branden Williams, of The Beverly Hills Estates, which is representing the property along with Aaron Kirman of Aaron Kirman Group at Compass. “It’s four acres at the top of a mountain in Bel Air, and it can never be built again.”
Along with a record-setting price, “The One” also comes with a history of drama, lawsuits and debt. It was built by Nile Niami, a Hollywood-producer-turned-developer, who promoted it as the “biggest and most expensive modern home in America,” with an eventual asking price of $500 million.
The mansion’s foyer includes 25-foot ceilings, a large serpent-like sculpture and panoramic views of downtown LA.
Joe Bryant
As costs soared, Niami’s debt on the house grew to more than $180 million. The megamansion was placed into receivership last year. As part of a bankruptcy agreement struck last month, it was scheduled to be sold at an auction, beginning Feb. 7.
“The One” is situated on 3.8 acres with much of the residence surrounded by a moat-like water feature.
Marc Angeles
People involved in the court process said “The One” would have to sell for around $200 million just to pay back the debt, including the auction fees and other costs. If it sells for less, the lenders may have to take a loss, or the property could wind up in further foreclosure litigation.
An ideal time for LA’s luxury market
Yet lenders and brokers hope the property is coming to market at an ideal time. Luxury real estate in Los Angeles is breaking records. Sales of properties priced at $10 million or more doubled in 2021 compared with 2019, before the pandemic, with a total of 312 sales, according to Miller Samuel.
The formal dining room includes seating for 20 and an over-sized glass wine cellar for displaying large-format bottles.
Marc Angeles
Marc Andreesen just set a record in California after he paid $177 million for a compound in Malibu, while Coinbase CEO Brian Armstrong paid $133 million for a modern mansion, located near “The One” in Bel Air.
Brokers say interest in “The One” has already been strong. Williams said he has two offers on the table — one from a Saudi royal and one from a wealthy Chinese buyer. He said more offers are expected soon from crypto buyers who are “looking at this house as their own space station.”
The megamansion is sometimes referred to as “the space station” because of…
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