A Los Angeles mega-mansion that was the biggest U.S. home to ever go up for auction sold for $141 million, including commissions, when bidding closed Thursday.
The 21-bedroom, 49-bath hilltop estate — dubbed “The One” — had a list price of $295 million. Developer Nile Niami said in 2015 that he would ask$500 millionfor the Bel Air property, which also has five swimming pools and a 30-car garage.
The highest offer was $126 million, according to a spokesperson for Concierge Auctions, which ran the sale. A 12% commission for the auction house boosted the total price to $141 million — more than double the previous record for a U.S. home auction, the company said in a statement.
Other auctions of luxury properties have fallen short of asking prices. TheVilla Firenzein Beverly Hills, Calif., fetched $51 million last year after Concierge Auctions conducted a sale with a$160 million asking price.
The identity of the top bidder, who was required to sign a non-disclosure agreement, wasn’t immediately available. The sale requires approval by a bankruptcy court judge, with a closing scheduled by Mar. 21, according to a court filing.
“I think the court should approve the amount,” Don Hankey, who court records show is owed $124 million for loans and advances to the project, said in an email. Hankey said he wasn’t the high bidder, but declined to say whether he entered the auction.
Niami, a former film producer, spent almost a decade developing The One before lenders moved to foreclose on the project. That led his firm, Crestlloyd LLC, to file for bankruptcy last year, setting up theauction. The project has $196.4 million in secured debt and $59.3 million in unsecured debt, according to a March 2 filing by David Golubchik, the bankruptcy attorney representing Crestlloyd.
More than 40 potential buyers toured the property, including representatives of Middle Eastern royalty, Asian high-net-worth families and U.S. tech titans.
As a real estate enthusiast with a deep understanding of the luxury property market, I bring to you a wealth of knowledge and expertise in the realm of high-end real estate transactions. My experience extends to a comprehensive understanding of the factors that contribute to the success or challenges faced in such transactions, including legal intricacies, market dynamics, and the unique elements that make a property stand out in this exclusive sector.
Now, let's delve into the details of the article concerning the record-breaking auction sale of "The One," a mega-mansion in Los Angeles.
-
Property Overview:
- The mansion, known as "The One," is a colossal estate situated in Bel Air, Los Angeles.
- Boasting 21 bedrooms, 49 bathrooms, five swimming pools, and a 30-car garage, it represents the epitome of luxury living.
-
Listing and Previous Valuations:
- Initially, in 2015, developer Nile Niami had ambitious plans, stating he would ask $500 million for the property.
- The mansion was listed for auction with a more modest price of $295 million, significantly lower than the initial projection.
-
Auction Details:
- The auction was facilitated by Concierge Auctions, a prominent player in the luxury real estate auction market.
- Despite the property's grandeur, the highest offer during the auction was $126 million.
-
Final Sale Price and Commission:
- The final sale price, including a 12% commission for Concierge Auctions, amounted to an impressive $141 million.
- This figure marks a record for the highest amount ever paid for a U.S. home in an auction, more than doubling the previous record.
-
Comparison with Other Auctions:
- The article references the sale of "The Villa Firenze" in Beverly Hills, which, despite an asking price of $160 million, sold for $51 million last year.
- This comparison highlights the variability in auction outcomes for luxury properties.
-
Top Bidder and Approval Process:
- The identity of the top bidder remains undisclosed due to a non-disclosure agreement.
- The sale is subject to approval by a bankruptcy court judge, and the closing is scheduled for Mar. 21, as per court filings.
-
Background and Bankruptcy:
- Developer Nile Niami, a former film producer, spent nearly a decade developing "The One" before facing foreclosure.
- Crestlloyd LLC, Niami's firm, filed for bankruptcy, leading to the auction.
- The bankruptcy filing reveals $196.4 million in secured debt and $59.3 million in unsecured debt associated with the project.
-
Potential Buyers:
- Over 40 potential buyers, including representatives of Middle Eastern royalty, Asian high-net-worth families, and U.S. tech titans, toured the property.
In conclusion, the sale of "The One" not only sets a new benchmark for U.S. home auctions but also underscores the complexities and challenges that can accompany even the most extravagant real estate transactions. The diverse pool of potential buyers reflects the global allure of such luxury properties, making them a unique and captivating segment within the real estate market.
FAQs
Fashion Nova founder and CEO Richard Saghian bought The One Bel Air, a 105,000-square-foot megamansion in Los Angeles, in 2022 for $126 million. With fees and commission, his total price came out to about $141 million. The property hit a few snags on the road to its big-ticket sale.
Who owns the Bel-Air Mega mansion The One? ›
Earlier this year, Richard Saghian, owner of the fast-fashion business Fashion Nova, bought the Los Angeles mansion known as “The One” for $141 million.
Who bought the $295 million dollar house? ›
It was recently revealed the buyer is fast fashion brand Fashion Nova CEO Richard Saghian, who paid $126 million for the property plus an auction premium of $15 million. As the highest bidder, he got quite the deal, considering the home was listed at auction for $295 million, though without reserve.
What is the most expensive house sold in Bel-Air? ›
This $250 Million Bel-Air Mansion Could Set a New Record for America's Most Expensive Home. A 40,000-square-foot Los Angeles estate known as Casa Encantada has twice become the most expensive home sold in the US; first in 1980, and again 20 years later.
Who owns the 139 million Bel Air mansion? ›
In 2014, Dr. Joseph Englanoff paid $5 million for an empty plot of land in the hills of Bel-Air. He spent the next seven years crafting an amenity-loaded mega-mansion on the property, and the home has finally surfaced for sale at $139 million.
Who owns the $250 million dollar house in LA? ›
Billionaire financier Gary Winnick and his artist, author wife, Karen Winnick are the current owners of the 40,000 square foot, 1930s-built Casa Encantada. The estate has 60 rooms with a dining room, card room, bars and its own professional screening room.
Who owns the biggest house in America? ›
A Marvel of Elegance and Charm. Experience America's Largest Home®, as magnificent today as it was more than a century ago. Your self-guided house visit spans three floors and the basem*nt of the luxurious family home of George and Edith Vanderbilt.
Who owns most expensive house in LA? ›
The One (Los Angeles)
| The One |
|---|
| Coordinates | 34°05′18″N 118°27′06″W |
| Construction started | 2014 |
| Completed | 2021 |
| Owner | Richard Saghian |
11 more rowsChâteau d'Armainvilliers in Seine-et-Marne is thought to be the world's most expensive home. It was built on the ruins of a 12th-century castle.
Who owns the most expensive house in Bel Air? ›
Fast-fashion CEO, 40, revealed as winning bidder of $141 million Bel Air mega-mansion 'The One' Richard Saghian, owner of the fast-fashion business Fashion Nova, has emerged as the winning bidder of the Los Angeles mansion known as “The One.”
Largest houses by floor space
| Rank | Square footage (Square meterage) | Private owner (birthplace) |
|---|
| 1 | 120,000 square feet (11,000 m2) | Richard Saghian |
| 2 | 55,005 square feet (5,110.1 m2) | Petra Eccleston |
| 3 | 51,000 square feet (4,700 m2) | John Brady (Bosnia and Herzegovina) |
| 4 | 49,300 square feet (4,580 m2) | Anthony Pritzker (United States) |
13 more rowsThe current U.S. home sale record was set in 2019, when Citadel's Ken Griffin bought a penthouse on Billionaires' Row in Manhattan for about $240 million. A Los Angeles estate known as Casa Encantada was listed last year for $250 million; it is currently priced at $195 million.
Who owns the most expensive house in California? ›
The exterior of the home. Beyoncé Knowles and Jay-Z are known for breaking records, and now, they've broken the record for purchasing the most expensive home in California's history. Knowles and Jay-Z, who's real name is Shawn Carter, purchased a sprawling $200 million Malibu, California estate.
What is the top 1 richest house? ›
Antilia. Owned by Mukesh Ambani, Antilia is not just India's costliest house but also tops the list of the world's costliest houses.
Is Bel Air better than Beverly Hills? ›
In reality, according to a recent study, the crime index (violent and property) in Bel Air is 60% lower than in Los Angeles. Bel Air is, therefore, safer than 85% of Los Angeles communities. Beverly Hills has one of the highest crime rates in America, with a crime rate of 42 per thousand people.
Who owns the $300 million dollar house in LA? ›
The '03 Bonnie and Clyde are making power moves. Beyoncé and husband Jay-Z paid a whopping $US200 million ($300 million) for their new home in California, making it the most expensive house ever sold in that state, according to TMZ.
Who bought the $40 million dollar house? ›
Variety revealed the buyers as Tom and Lisa Bilyeu, the owners of Quest Nutrition, which is a giant fitness food company in the US which was sold for a billion dollars a few years ago if you were wondering where they got their money from!
What is the most expensive mansion ever bought? ›
1. 220 Central Park South — $239 million. Ken Griffin, founder of hedge fund Citadel, holds the record for the biggest real estate purchase, with the $239 million purchase of a sprawling penthouse in Manhattan at 220 Central Park South.
How much did Oprah Winfrey's mansion cost? ›
In 2001, Winfrey officially invested in the city that would become her longtime home: Montecito, California. She purchased a sprawling estate in the celebrity-dense location for around $50 million.
