The largest house in the country is for sale. And its asking price has dropped by over half.
Meet “The One Bel Air” – a Los Angeles megamansion that is believed to be the largest modern home in the United States. According to Architectural Digest, the record-breaking estate has 105,000 square feet of living space, including 42 bathrooms, 21 bedrooms and a 5,500-square-foot master suite. The property is also adorned with jaw-dropping features and amenities — from a surrounding moat and 400-foot-long jogging track, to a 30-car garage gallery and its own private nightclub.
Nile Niami, the project’s developer, originally put The One on the market for $500 million. But the Los Angeles Times reported Monday that that number has dropped significantly — most recently to a still enormous $225 million — following delays and complications, including unfinished construction, multiple lawsuits and a court-ordered sale to pay debts.
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Also according to the Los Angeles Times, Don Hankey, whose business previously loaned Niami millions to complete another project, filed a foreclosure lawsuit in June. The suit was against Crestlloyd, Niami’s limited liability company that owns The One, after Niami defaulted on the debt to keep The One.
“We loaned the money to put the house on the market and sell it,” Hankey told the outlet. “We didn’t loan it to take a risk and make it work in some other way.”
A court-appointed receiver Ted Lanes now controls the property and is in charge of both finding a buyer and paying lenders/other creditors, the Los Angeles Times reports.
Peaks inside the nation’s biggest (and still colossally expensive) home can also be seen in advertising videos for “The One.”
In an Instagram post from June 2020, Niami says, “7 years ago, I had the idea to create the biggest, most expensive house in the urban world: The One Bel Air. And I did it.”
The video shows plans for the mansion’s special features — including a 4-lane bowling alley, 50-seat movie theater, sundeck with putting green and 10,000 bottle wine cellar.
In last summer’s post, Niami also mentioned that a “certain percentage” of the mansion’s sale (which then had a whopping price tag of $500 million) would be given to charity. No charity in particular was specified.
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In a two-part, “world debut” tour of “The One” with film producer Michael Blakey and Niami published on YouTube in April, Niami says he first bought the land in 2012. Viewers can follow the two as they walk through the mansion’s luxurious rooms, detail its featured artwork, and show off high-tech amenities.
In Monday’s Los Angeles Times article, Niami told the outlet that he believes the now sale price of $225 million is too low, but prays that “everything will go terrific with this house” in the future.
Still, there’s a lot of work to do. According to the Times, Lanes, the court-appointed receiver, is rushing to finish the property. He estimates that the house is carrying $165 million in debt. The cost for the remaining work is at least $5 million.