The most expensive listing in the U.S., a $295 million, 105,000-square-foot mansion in Los Angeles’ Bel Air neighborhood has just gone on sale.
If the home manages to fetch its $295 million asking price, it would set a new record for the most expensive home ever purchased in the U.S. The existing record is $238 million for a Manhattan apartment that was bought by hedge fund manager Ken Griffin.
The Bel Air mansion is known as “The One” and was built by Hollywood producer-cum-developer Nile Niami. It took almost a decade to build the home, which occupies four acres of space on a mountaintop in Bel Air. The property offers views of the Pacific Ocean, downtown L.A. and the San Gabriel Mountains and boasts 21 bedrooms and 42 bathrooms.
CNBC said the home was originally expected to be listed for $500 million. However, Niami racked up mounting debts as he built the home, and the mansion is now being sold as part of a bankruptcy agreement. The home was previously also the subject of lawsuits from lenders seeking to be remunerated for loans to Niami that were never paid back.
The bankruptcy agreement will force the home to be sold at auction to the highest bidder on Feb. 7 if it isn’t purchased beforehand. The auction has already been scheduled by Concierge Auction.
CNBC reports that The One would need to sell for about $200 million to pay back Niami’s debts. If it sells for less than that, lenders will either have to accept a loss or else the property could end up in foreclosure litigation.
Two international buyers have reportedly made offers for The One, but it’s not clear if they’re willing to meet the asking price.
“There is going to be huge demand for this property,” Branden Williams of The Beverly Hills Estates, who is representing the property along with Aaron Kirman of Aaron Kirman Group at Compass, told CNBC. “Demand for U.S. real estate is through the roof because the dollar is weak and people want real tangible assets.”
Luxury properties have been surging over the past year. Sales of properties priced at $10 million or more doubled in 2021 compared with 2019, according to Miller Samuel. California real estate recently posted its highest sale to date, a $177 million home in Malibu.