A 105,000-square-foot mansion in the Bel Air area of Los Angeles is up for sale for $295 million—the most expensive listing in the U.S., CNBC reports.
If the home fetches its $295 million asking price, it would be the most expensive home ever sold in the U.S. The current record holder is $238 million for an apartment purchased in Manhattan by hedge funder Ken Griffin.
Known as “The One,” the Bel Air megamansion was built by Nile Niami, a Hollywood producer who became a real estate developer. The home, which took a decade to build, occupies four acres on a mountaintop in Bel Air, with views of the Pacific Ocean, downtown Los Angeles, and the San Gabriel Mountains. It has 21 bedrooms and 42 bathrooms.
The home was once touted as the “biggest and most expensive modern home in America” and was expected to have an asking price of $500 million. But Niami’s debt soared as he built the house, and the mansion ended up as part of a bankruptcy agreement. In addition, the home has also been the subject of lawsuits by lenders seeking their loans to Niami paid back.
If the home doesn’t sell quickly, it will head to auction. The bankruptcy agreement says the home is scheduled to be sold at an auction on Feb. 7 to be sold to the highest bidder, CNBC reports. Concierge Auction is to hold the auction.
“The One” would need to sell for around $200 million to pay back the debt. If it sells for less, lenders will take a loss or the property could end up in foreclosure litigation, CNBC reports.
“The One” reportedly already has two offers from international buyers, according to brokers.
“There is going to be huge demand for this property,” Branden Williams of The Beverly Hills Estates, who is representing the property along with Aaron Kirman of Aaron Kirman Group at Compass, told CNBC. “Demand for U.S. real estate is through the roof because the dollar is weak and people want real tangible assets.”
Luxury properties have been surging over the past year. Sales of properties priced at $10 million or more doubled in 2021 compared with 2019, according to Miller Samuel. California real estate recently posted its highest sale to date, a $177 million home in Malibu.