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.
Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you.
