In a time when NFTs and the metaverse are sweeping the real estate world, megamansion The One brings buyers back to Earth.
Once valued at $500 million, The One mansion in Bel-Air is being sold for $295 million and will be on the open market until it is auctioned off by Concierge Auctions, an online auction marketplace, from February 28 to March 3. The home will be sold without reserve, meaning it will sell to the highest bidder. Even if it sells close to the price it’s listed at, it will surely break records. Currently, billionaire and hedge fund tycoon Ken Griffin’s $238 million New York penthouse in 2019 holds the record as the most expensive U.S. home ever sold.
Developed by Nile Niami, the massive estate took more than 10 years to build and created massive debt for Niami. His development company, Crestlloyd, filed for bankruptcy last year, forcing the home to careen towards auction as part of the bankruptcy proceedings. However, the home still has about 12 more months of work. The buyer will have to put down nearly $340,000 as a deposit.
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Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates are partnering with Concierge Auctions to market the home.
“As the real estate community knows, there are a very limited number of $300 million homes and it often takes one to five years to sell ultra high-end mega mansions,” Kirman tells Forbes. “An auction is the best way to sell the home in a specific period of time. The team is open to receiving offers prior to the auction, based on price and terms. It is highly probable that the auction will happen in order for buyers to compete to own the world’s ultimate estate.”
The Los Angeles home is one of the largest ever built, and is twice the size of the White House. It spans 105,000 square feet and the property sprawls over 3.8 acres. Outdoor features include a moat of water on three sides of the home, five pools, a 10,000-square-foot deck and a 400-foot outdoor running track.
“What we have learned from the pandemic is that a home is one of the most important aspects of life,” Kirman says. “The property provides an extravagant life, where one doesn’t need to leave their home. It has everything one can imagine, including five swimming pools; a wellness center with a juice bar; large salon and spa; game rooms; bars; bowling alley; a full-size theater; golf simulator; rooftop; cigar lounge; a charity pavilion or special event space; and numerous other astonishing amenities.”
The home is more like a personal, private resort than a single-family home. There are a whopping 21 bedrooms, 42 full bathrooms and seven half bathrooms. Despite its grandiose nature, there is a pared-down, neutral color palette throughout and calming water features. Within the home, there are custom-curated artworks from artists Mike Fields, Stephen Wilson and glass artist Simoe Cenedese, to name a few. Soaring, 26-foot ceilings make the home feel even larger than it is (if that’s possible), and rooms are oversized and expansive.
“The One earns its moniker because a home of this size and magnitude simply can never be built again due to anti-mansionization laws that were passed in Los Angeles during The One’s construction,” says co-listing agent Branden Williams. “To have 3.8 acres at the top of Bel-Air with unobstructed 360-degree views from every single room is unparalleled.”
Outside, there is a large yard with 30-foot-high palm trees, covered patios that blur the lines between indoor and outdoor living and plenty of space for entertaining. Other unique amenities include a putting green, 10,000-bottle wine cellar, tennis court, and even a nightclub. The One also offers 360-degree views of the city skyline, San Gabriel Mountains and the Pacific Ocean.
“The private gala event space with 360-degree views of the city and floating pod seating was an important vision to realize for the developer,” Williams says. “He envisioned a home that would be the buyer’s own private resort and have the ability to host the world’s top philanthropists for charity events without ever leaving your estate.”
It’s obvious why the home holds value, but in a time when metaverse real estate is in the conversation, there’s something to be said about the importance of physical property.
“These virtual assets have a value based on how much a consumer is willing to pay backed by a specific commodity, typically money, gold, property, etc.,” Kirman says. “Real property is an indefinite necessity with proven market values over time, so buying one of the most unique properties ever built in Los Angeles is an investment that cannot be quantified and will be worth it. Comfort is an invaluable resource, so purchasing a property with virtually every amenity available is impossible to quantify since it has never been done before. Supply and demand helps determine something’s value and this is one of one. The supply couldn’t be more limited.”
The home will sell without reserve by March 3.