Los Angeles megaman could sell for $ 295 million


Written by Jacqui Palumbo, CNN

A 105,000-square-foot mansion in Bel Air, dubbed “The One,” could become the most expensive property for sale in the United States when it goes up for auction next month.

The hillside property, which spans 3.8 sprawling acres, will be listed on Jan. 7 at a tempting price tag of $ 295 million, with an online sale held Feb. 7-10 via Concierge Auctions. From its elevated perch, the home offers 360-degree views of the ocean and the Alps as well as downtown Los Angeles.

Few properties in the world have sold above this list price, including the Chateau Louis XIV in France, the penthouse La Belle Epoque in Monaco and the Pollock’s Path Estate in Hong Kong, according to at Christie’s Real Estate.

“The One” sits on an elevated 3.8 acre lot in Bel Air. Credit: Marc Angeles / Unlimited Style Real Estate Photography

Taking around a decade to complete, The One is marketed as the first and only residence of its size in Los Angeles, thanks to new regulations passed in the city during its development that now limit the size of single-family homes, in an effort to reduce the number of so-called mega-plans in development.

LA’s Westside is no stranger to nine-figure price tags, with another Bel Air real estate listing for $ 250 million in 2017, as well as the sprawling Beverly Hills home “Villa Firenze” up for auction for 160. million dollars last year. (It sold for an undisclosed amount.)
The sprawling mansion was designed by Paul McClean, whose residences have hosted major celebrities.

The sprawling mansion was designed by Paul McClean, whose residences have hosted major celebrities. Credit: Marc Angeles / Unlimited Style Real Estate Photography

But, nicknamed a “gigamansion”, The One is the most flashy of all. Real estate agent Aaron Kirman, whose eponymous group is jointly selling the property with Williams & Williams, called her “the Mona Lisa of the residential world” during a phone call.

The One has never been on the market, but if sold, its owners will have amenities such as a nightclub, lounge, spa, 10,000 square foot sky deck, private running track. , a cinema, a bowling alley and 10,000 bottles of wine cellar. There is even a moat: an infinity pool that spans three sides of the residence. At 5,500 square feet, the master bedroom alone is more than double the size of an average American home.

Facilities include a salon, spa, nightclub, running track, movie theater, and five swimming pools, including an infinity ditch.

Facilities include a salon, spa, nightclub, running track, movie theater, and five swimming pools, including an infinity ditch. Credit: Joe bryant

Designed by architect Paul McClean, who designed homes owned by Beyoncé and Jay Z, Avicii and Calvin Klein, the Modernist aesthetic is both clean and extravagant. Neutral colors and clean lines provide a basis for luxurious details such as a number of original works of art, including a butterfly installation by conceptual artist Stephen Wilson and a sculpture by the Venetian glass roof Simone Cenedese, which are included in the sale.

The developer of the property, Nile Niami, aimed “to build one of the finest properties in the world,” Kirman said. But bringing the property to market has not been without problems. CNN reported last September, that the property was once estimated to be worth $ 500 million and the owner defaulted on more than $ 100 million in loans and debts, court documents show. Over the summer, the house was placed in receivership for complicated real estate transactions, an alternative to foreclosure, to pay off its debts.
Originally valued at $ 500 million,

Originally valued at $ 500 million, “The One” will cost $ 295 million. Credit: Douglas friedman

Rayni Williams of Williams & Williams said the $ 500 million estimate was speculation, and $ 295 million more reflects the current market. It’s a more “marketable” and “tangible” number, she said over the phone.

As to why it goes directly to auction, Kirman explained, “Any donated home over $ 100 million can take anywhere from a year to five years to sell.” An auction “was the best way to have a condensed schedule,” he added.

With fewer than 2,800 billionaires in the world, The One’s future owner will come from a small group of potential buyers – unless a group of multimillionaire friends decide to share the cost.

“It’s a limited market that can afford it,” Kirman said. “But we absolutely know who our target is.”


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