UPDATE [15/03/22]: Founder & CEO of Fashion Nova, Richard Saghian, has outbid four other billionaires to snap up the still-incomplete The One Bel-Air. Forking out a reported sum of US$126 million (AU$175.5 million) – which actually comes to approximately US$141 million (AU$196.3 million) including the buyer premium – the shitshow surrounding this ungodly behemoth is nearing an end. We assume. Standby.
UPDATE [05/01/22]: Today it has been announced that The One Bel-Air is finally going to be heading to auction, prepped for a sale price of US$295 million (AU$407.5 million). That’s a bit of a jump on the price speculated last month, as mentioned above, but it’s still a reasonable chop from the wildly ambitious original asking price.
Concierge Auctions will be handling the high-profile no-reserve global online auction next month, which is successful will make The One the most expensive home ever sold in the US.
Currently, the most expensive home ever sold in the States is considered to be the top four floors of the iconic 220 Central Park South in New York City, which was purchased in 2019 by hedge fund manager Ken Griffin for US$238 million (AU$328.6 million).
UPDATE [13/12/21]: Los Angeles Times reports The One could be auctioned in January 2022 starting at US$250 million (AU$350 million). Developer Nile Niami’s Crestlloyd plans to hire two luxury home sellers to list the Bel-Air mega-mansion. If successfully sold, the reversal could bring to an end to the lengthy and expensive saga that has “pitted a glitzy developer against a cadre of lenders.”
“We’re still going back and forth, strategically speaking, but we anticipate that the listing price will be approximately $250 million,” Crestlloyd manager Lawrence Perkins told the US Bankruptcy Court.
“Our goal is to run a thoughtful sale process to maximize the value from the small group of people in the world that can buy a property like this.”
The revised plan represents a departure by Perkins, who initially stated the focus would be on completing the home before selling when it was placed into Chapter 11 bankruptcy protection back in October.
In 2020, the most expensive mansion in America – hubristically dubbed The One – was preparing to hit the market with a few jazzed-up snapshots and ridiculously high-production promo video up its sleeve. The only problem? No human being in their right mind was willing to cough up US$500 million (AU$690 million) for an incomplete house.
Earlier this year, The One renewed public interest by releasing some close-up shots, as well as issuing a considerable price reduction – right down to just US$350 million (AU$480 million). Still, the dollar figure was far too much of an ask. Months after the price slash, this monstrosity of an LA residence is finally on track to be sold… after project developer Nile Niami defaulted on more than US$100 million (AU$140 million) in loans and debt.
Nile Niami reportedly borrowed over US$82.5 million (AU$114 million) from Hankey Capital back in 2018 to finish the build. In March of this year, however, Hankey served old mate a notice of default, sending The One directly into a foreclosure sale. Niami had 90 days to either pay or renegotiate the debt, which court documents reveal had ballooned to around the US$110 million (AU$152 million) benchmark. As zero payment was made by the July deadline, The One was placed in court-ordered receivership. The real kicker? While project completion was apparently “another four weeks” away during a video tour posted in April, there’s a “complicated punch list” left to go through, and the entire joint still isn’t ready for market.
“It’s a pretty extensive list,” receiver Theodore Lanes of Lanes Management Services tells CNN Business.
“Clearly, anything that would fall under safety would have priority. As for the other projects, they are all being evaluated based on requirements to achieve the certificate of occupancy. If they are mandatory for certificate of occupancy, they are getting priority.”
“This is a very complicated property with quite a few open issues. At present, the focus is to obtain complete insurance and develop a timeline and budget to secure the certificate of occupancy in order to maximize value and to make the property more marketable.”
Theodore Lanes has been tasked with accounting for debts against the property, readying before selling the property to repay lenders and creditors with whatever proceeds can be scrounged. In addition to the debts outlined above, the home also has approximately US$2 million (AU$2.75 million) in unpaid taxes and invoices to vendors for concrete, air conditioning, and scaffolding. Furthermore, insurance had lapsed in early 2021 as challenges from social media users have unsurprisingly led to an influx of intruders.
The One is a palatial 105,000-square-foot property that sits on 1.6 hectares of Bel-Air land – because where else would something like this be even remotely acceptable? With 360 views of southern California, The One holds 21 bedrooms, including a 5,500-square-foot master suite, 42 bathrooms, as well as a whole lot of opulence.
In addition to what we’ll pretend can be considered bare bone necessities, notable features are as follows:
- 50-car garage gallery w/ 2 x car-display turntables
- Tennis court
- 30-seat movie theatre
- 4-lane bowling alley
- 10,000-bottle wine cellar
- 5 x swimming pools (1 Olympic, 4 infinity edge)
- Dedicated spa level
- Sky deck w/ putting green
- 200-person “philanthropy wing”
- and last we heard, its very own nightclub
“I gave them everything here,” Nile Niami previously stated in a video, which will surely haunt him in the years to come.
“We have everything anyone could ever want in this house.”
Check it out for yourself below.