A mega-mansion nestled in the hills of Bel-Air, once marketed as “America’s most expensive residence,” has sold for $126 million to a mystery buyer in a bankruptcy auction. The luxurious estate, known as “The One,” was originally listed for a staggering $500 million.
Nile Niami, who has had his hand in building some of the most extravagant mansions in Bel Air, envisioned the project a decade ago. Niami described the property as "twice as big as the White House," and referred to the project as his “life mission,” and “biggest, most expensive home in the urban world."
Niami planned to list the mega-mansion for $500 million but may have been overambitious. He hired over 600 contract workers to help complete the project, but mounting building costs left him with a debt to the tune of $180 million.
Niami filed for chapter 11 bankruptcy after he defaulted on a $106 million debt. As part of the bankruptcy agreement, the home was listed at $295 million. There was no interest in the massive estate, so it was put up for auction.
Stephan Shapiro, a prominent Los Angeles real estate agent, said that the low price reflected the “out-of-control ego” Niami.
“Most builders build a house that people can live in,” Shapiro told the LA Times. “He built one thinking there was going to be demand for this outrageous over-the-top house.”
Another real estate agent, Brent Change, believes that the current military conflict between Russia and Ukraine might have deterred some wealthy Russian buyers.
“The buyer pool for this is very small, and with everything happening in Russia, all of a sudden those Russian billionaires who may have been your best bet to buy it are pulling out,” he admitted to the LA Times.
According to The Guardian, there wasn’t a lot of interest in the property at the auction on Thursday. There were only four bidders on the luxurious mansion, and only in the final two minutes of the auction did two anonymous bidders move the price above $70 million.
With their $126 million winning bid, the new owner of The One will be able to enjoy the property's lavish amenities, which include a private movie theater, a nightclub, a juice bar, and a cigar lounge. The home has a stunning 21 bedrooms and features 49 bathrooms.
Source: DailyMail, Los Angeles Times