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Tour the $295 million mansion known as "The One"
Real Estate
A 105,000-square-foot megamansion, known as "The One," in the Bel Air section of Los Angeles listed Friday for $295 million, making it the most expensive listing in America.
The property, which has been a decade in the making, would be the most expensive home ever sold in the U.S. if it gets its asking price — surpassing hedge-funder Ken Griffin's $238 million purchase of an apartment in Manhattan. If it doesn't sell quickly, "The One" heads to auction in February and will be sold to the highest bidder.
The rear of the home opens to a massive lawn framed by a moat-like water feature and a 400 ft. running track just below it.
Marc Angeles
"It's a modern masterpiece," said Branden Williams, of The Beverly Hills Estates, which is representing the property along with Aaron Kirman of Aaron Kirman Group at Compass. "It's four acres at the top of a mountain in Bel Air, and it can never be built again."
Along with a record-setting price, "The One" also comes with a history of drama, lawsuits and debt. It was built by Nile Niami, a Hollywood-producer-turned-developer, who promoted it as the "biggest and most expensive modern home in America," with an eventual asking price of $500 million.
The mansion's foyer includes 25-foot ceilings, a large serpent-like sculpture and panoramic views of downtown LA.
Joe Bryant
As costs soared, Niami's debt on the house grew to more than $180 million. The megamansion was placed into receivership last year. As part of a bankruptcy agreement struck last month, it was scheduled to be sold at an auction, beginning Feb. 7.
"The One" is situated on 3.8 acres with much of the residence surrounded by a moat-like water feature.
Marc Angeles
People involved in the court process said "The One" would have to sell for around $200 million just to pay back the debt, including the auction fees and other costs. If it sells for less, the lenders may have to take a loss, or the property could wind up in further foreclosure litigation.
An ideal time for LA's luxury market
Yet lenders and brokers hope the property is coming to market at an ideal time. Luxury real estate in Los Angeles is breaking records. Sales of properties priced at $10 million or more doubled in 2021 compared with 2019, before the pandemic, with a total of 312 sales, according to Miller Samuel.
The formal dining room includes seating for 20 and an over-sized glass wine cellar for displaying large-format bottles.
Marc Angeles
Marc Andreesen just set a record in California after he paid $177 million for a compound in Malibu, while Coinbase CEO Brian Armstrong paid $133 million for a modern mansion, located near "The One" in Bel Air.
Brokers say interest in "The One" has already been strong. Williams said he has two offers on the table — one from a Saudi royal and one from a wealthy Chinese buyer. He said more offers are expected soon from crypto buyers who are "looking at this house as their own space station."
The megamansion is sometimes referred to as "the space station" because of its massive size and unusual shape.
Marc Angeles
"There is going to be huge demand for this property," he said. "Demand for U.S. real estate is through the roof because the dollar is weak and people want real tangible assets."
Kirman added that the property is more than a house — it's a full-scale private resort for "the billionaire buyer who wants all-inclusive living."
The home's lower level includes a full-service salon equipped with shampoo stations, pedicure chairs and a hair and make-up area.
Joe Bryant
The home sits on 3.8 acres and features 21 bedrooms and 42 bathrooms. Built on a leveled mountain, it has views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains. It has seven water features, including a massive moat that runs around the property. It has a nightclub, a full-service beauty salon, a wellness spa, a home theater that seats 40, a bowling alley, a 10,000-bottle wine cellar, 30-car garage and a 400-foot private outdoor running track.
The view from the primary bedroom where retractable glass walls open to a wraparound balcony overlooking LA.
Marc Angeles
For guests or staff, it has a three-bedroom guest house with its own infinity pool.
Still, any buyer of "The One" will also have to contend with a thicket of financial and legal issues. According to the receiver's report and an engineering study, the house has cracks in and around many of the pools and stonework, as well as signs of mold. It has several outstanding building and occupancy permits, and a local homeowner's association is challenging its construction.
The meaghome's 10,000 sq. ft. roof deck includes a golf green with impressive views of downtown.
Joe Bryant
Niami's last-ditch effort
In part because of "The One" and other megamansions built nearby, local building laws were changed in recent years to prevent other supersized homes from ever being built again — which brokers say only adds to the value of "The One."
Developer Nile Niami (left) walks with CNBC's Robert Frank (right) during a 2017 interview at "The One" while the megahome was under construction.
CNBC
The lenders also continue to battle each other in bankruptcy court over procedures and priority. Niami weighed in with his own last-ditch effort last month, releasing a video saying he hoped to turn the home into a crypto investment, selling a new token to investors called "The One Coin" that would be backed by the property.
The four-lane bowling alley on the home's subterranean level.
Joe Bryant
"Hopefully, there's someone out there that is going to want to walk hand in hand with me into the stratosphere," Niami said in a video. He declined further comment, and lenders and lawyers have dismissed Niami's plans.
Ultimately, Kirman said, the 10 years of drama around the house won't deter buyers once they tour the property.
The megahome's view of Los Angeles at dusk.
Marc Angeles
"Its controversial history is no secret," he said. "But when a potential buyer walks the site they'll see the opportunity is so extraordinary that the past won't really matter anymore."
The auction, held by Concierge Auctions, is scheduled to run Feb. 7-10. Bidders would have to wire $250,000 and show proof of funds to qualify for bidding.
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Squawk on the Street
As an expert in luxury real estate and architectural marvels, I am well-versed in the intricacies of the market and the unique features that make properties stand out. The topic at hand revolves around "The One," a 105,000-square-foot megamansion located in the prestigious Bel Air section of Los Angeles. Let me break down the key concepts and provide insights into various aspects mentioned in the article:
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Property Overview:
- "The One" is a 105,000-square-foot megamansion in Bel Air, Los Angeles, listed for an astounding $295 million.
- The property sits on 3.8 acres at the top of a mountain in Bel Air, offering panoramic views of downtown LA, the Pacific Ocean, and the San Gabriel Mountains.
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Architectural Features:
- Described as a "modern masterpiece," the mansion boasts a contemporary design and is situated on a leveled mountain.
- The foyer features 25-foot ceilings, a large serpent-like sculpture, and panoramic views of downtown LA.
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Ownership and Financial History:
- Built by Nile Niami, a Hollywood producer turned developer, "The One" has been in the making for a decade.
- Despite its grandeur, the property has a history of drama, lawsuits, and debt. Niami promoted it as the "biggest and most expensive modern home in America" with an initial asking price of $500 million.
- As costs soared, Niami's debt on the house grew to over $180 million, leading to the mansion being placed into receivership.
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Legal and Financial Challenges:
- To address the financial challenges, "The One" was scheduled to be sold at an auction, beginning on Feb. 7. It is speculated that it needs to sell for around $200 million to cover the debt, auction fees, and other costs.
- If the property sells for less, lenders may incur losses, or it could lead to further foreclosure litigation.
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Current Real Estate Market Trends:
- The article highlights that luxury real estate in Los Angeles is experiencing a boom, with sales of properties priced at $10 million or more doubling in 2021 compared to 2019.
- Notable recent purchases in the area include Marc Andreesen's $177 million compound in Malibu and Coinbase CEO Brian Armstrong's $133 million mansion near "The One."
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Interest from Potential Buyers:
- Despite its troubled history, interest in "The One" is reportedly strong. Brokers have received offers from a Saudi royal, a wealthy Chinese buyer, and anticipate more from crypto buyers.
- The property is described as more than a house; it is positioned as a full-scale private resort for the billionaire buyer seeking all-inclusive living.
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Property Features:
- "The One" includes 21 bedrooms, 42 bathrooms, a nightclub, a full-service beauty salon, a wellness spa, a home theater seating 40, a bowling alley, a 10,000-bottle wine cellar, a 30-car garage, and a 400-foot private outdoor running track.
- There is also a three-bedroom guest house with its own infinity pool.
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Structural and Legal Challenges:
- The property faces challenges such as cracks in and around pools and stonework, signs of mold, outstanding building and occupancy permits, and opposition from a local homeowner's association.
- Changes in local building laws were prompted by megamansions like "The One," preventing the construction of similar supersized homes in the future.
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Owner's Last-Ditch Effort:
- Nile Niami, facing financial difficulties, released a video proposing to turn the home into a crypto investment. He suggested selling a new token called "The One Coin," backed by the property.
- However, lenders and lawyers have dismissed Niami's plans.
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Auction and Prospective Buyers:
- The auction for "The One" is scheduled to run from Feb. 7-10, facilitated by Concierge Auctions.
- Despite the controversies surrounding the property, brokers believe that potential buyers, once on-site, will see the extraordinary opportunity and overlook its controversial past.
In conclusion, "The One" represents a unique blend of architectural grandeur, financial complexities, and legal challenges within the dynamic luxury real estate market of Los Angeles.
