Written by Jacqui Palumbo, CNN
A 105,000-square-foot villa in Bel Air dubbed “The One” could become the most expensive property in the United States when it hits the auction block next month.
The hillside property, which spans expansive 3.8 acres, will be listed for a staggering $ 295 million on Jan. 7, with online sales February 7-10 through Concierge Auctions. From its raised pole, the house offers 360-degree ocean and alpine views, as well as views of downtown Los Angeles.
Few properties in the world have ever sold above this list price, according to Christie’s Real Estate, including the Chateau Louis XIV in France, the La Belle Epoque Penthouse in Monaco and the Pollock’s Path Estate in Hong Kong.
“The One” is located on an elevated 3.8 acre property in Bel Air. Credit: Marc Angeles / Real Estate Photography in Unlimited Style
It takes about a decade for The One to be marketed as the first and only residence of its size in Los Angeles, thanks to new regulations enacted in the city during its development that now limit the size of single-family homes to the number of so-called megamansions developed.
Los Angeles westside is no stranger to nine-digit price tags, with another Bel Air property for $ 250 million in 2017 and the sprawling Villa Firenze in Beverly Hills that sold for $ 160 million last year would. (It was sold for an unknown amount.)
The sprawling mansion was designed by Paul McClean, in whose residences great celebrities lived. Credit: Marc Angeles / Real Estate Photography in Unlimited Style
But referred to as “Gigamansion”, The One is the most eye-catching of them all. The real estate agent Aaron Kirman, whose group of the same name sells the property together with Williams & Williams, called it “the Mona Lisa of the living world” in a phone call.
The One has never been on the market, but if it sells its owners will have amenities like a nightclub, salon, spa, 10,000 square foot skydeck, private running track, movie theater, bowling alley, and 10,000 bottles of wine in the basement . There’s even a moat: an infinity pool that extends around three sides of the residence. At 5,500 square feet, the master bedroom alone is more than twice the size of the average American home.
Features include a salon, spa, nightclub, running track, movie theater, and five pools, including an infinite moat. Credit: Joe Bryant
Designed by architect Paul McClean, who designed the homes of Beyoncé and Jay Z, Avicii and Calvin Klein, the modernist aesthetic is both streamlined and flamboyant. Neutral colors and clean lines form the basis of luxurious details such as a number of original artworks, including a butterfly installation by concept artist Stephen Wilson and a sculpture by Venetian glass worker Simone Cenedese, which are included on sale.
The property developer, Nile Niami, set out to “build one of the best properties in the world,” said Kirman. But marketing the property was not without its problems. CNN reported last September that the property was once valued at $ 500 million and that the owner has defaulted on more than $ 100 million in loans and debts, according to court documents. Over the summer, the house was placed under judicial administration due to complicated real estate deals, an alternative to foreclosure, in order to pay off its debts.
Originally valued at $ 500 million, “The One” will be listed for $ 295 million. Credit: Douglas Friedman
According to Rayni Williams of Williams & Williams, the estimate of $ 500 million was speculation, and $ 295 million is more a reflection of the current market. It was a “more marketable” and “more tangible number,” she said on the phone.
Commenting on the reasons it goes up for auction, Kirman said, “Any home that costs over $ 100 million can take anywhere from one to five years to sell.” An auction “was the best way to have a condensed timeline,” he added.
With fewer than 2,800 billionaires in the world, the future homeowner of The One will come from a small pool of potential buyers – unless a group of multimillionaire friends decides to split the cost.
“It’s a limited market that can be afforded,” said Kirman. “But we absolutely know who our target is.”