Agent Essentials

Real Estate Agent Blog


This Could Be the Most Expensive Home Ever Sold in the U.S.
February 7, 2022

This Could Be the Most Expensive Home Ever Sold in the U.S.

by The CE Shop Team

A Bel Air Mega-Mansion Has Listed for a Record $295 Million

A 105,000-sq.-ft. mega-mansion in the Bel Air neighborhood of Los Angeles could become the most expensive home ever sold in the United States if it’s snapped up for its asking price.

The home, dubbed “The One,” is listed for $295 million, with an online auction set for late February. It’s described in the auction listing as “a masterpiece of an estate that truly redefines luxury” and the “largest house ever built in the urban world.”

The expansive property, which has been a decade in the making, has never been lived in and is being sold after its owner reportedly defaulted on more than $100 million in debts.

The pool of homebuyers who could afford this property is obviously incredibly small, but if you happen to have a few hundred million dollars lying around and find yourself in need of 21 bedrooms, 42 full bathrooms, and seven half-baths, this could be the home for you.

‘An Architectural Triumph’ That Could Break Records

Source: Concierge Auctions

The estate sits on 3.8 acres, and it features a nightclub, a salon and spa, a 10,000-square-foot sky deck, and a theatre that seats more than 40 people, among many other luxury amenities. 

There’s a 30-plus car garage with two car display turntables, and the home is filled with sculptures and other art. (“Artwork available for purchase separately, please inquire,” the auction listing says.) There are five pools, a four-lane bowling alley, a tennis court, and a putting green.

“This 105,000-square-foot work of art appears to float above the very city of Los Angeles itself, elevated for maximum panoramic views and surrounded on three sides with a shimmering moat of water,” the listing says.

“Ten years in the making, ‘The One’ is the largest and grandest house ever built in the urban world. A home of this magnitude will never again be built in Los Angeles, cementing ‘The One’ in a class of its own. 360-degree views of the Pacific Ocean, downtown L.A., and the San Gabriel Mountains await out every spanning window.”

“The One” is astonishingly expensive, even by Los Angeles standards. 

A typical home in the Southern California city, which is known for its glamorous real estate, was valued at $928,320 in December 2021, according to Zillow’s Home Value Index. That’s well above California’s typical home value of $734,612 or the U.S. typical home value nationwide of $320,662.

But up until now, the most expensive home ever sold in Los Angeles is believed to be a mansion purchased by Jeff Bezos for $165 million in 2020. The most expensive home ever sold in the U.S. is believed to be a New York City penthouse purchased by hedge fund billionaire Ken Griffin for $238 million in 2019.

“‘The One’ is a mega-mansion that’s truly an architectural triumph,” Aaron Kirman of Aaron Kirman Group at Compass told Architectural Digest. He’s one of the agents representing the property. “The new buyer will be lucky to live in the most trophy property that money can buy.”

It also can’t ever be replicated in Los Angeles: “‘The One’ is being marketed as the first and only residence of its size in Los Angeles, thanks to new regulations passed in the city during its development that now limit the size of single-family homes, to reduce the number of so-called mega-mansions being developed,” CNN explained.

“The One”: A Picturesque Project Plagued by Debts and Drama

This luxury home has faced hurdles on its long journey to make it onto the market.

Real estate developer Nile Niami purchased the land in 2012 for $28 million, then commissioned the custom spec home, Realtor.com reported. The construction process reportedly required 600 workers, and at one point, Niami apparently hoped to sell the home for $500 million.

He eventually ran into money problems and ended up defaulting on more than $100 million in debt. The home “was placed in court-ordered receivership for complicated real estate deals, an alternative to foreclosure, to pay its debts,” CNN reported.

That’s why it’s headed straight to auction.

“Any given house that's 100-plus-million dollars can take anywhere between one year and five years to sell,” Kirman told CNN. An auction "was the best way to have a condensed timeline.”

Potential buyers should be aware that “the property never truly made it to market and is still not yet livable,” Realtor.com says. “As of now, it has no official certificate of occupancy, the final document in the permit process. That means it will need to be inspected for safety and code compliance before it can be inhabited by its new owner.”

The home will soon be put up for auction, and then we’ll see if it truly breaks records. In the meantime, let us know: What amenities would be in your dream home?

Ready to Get Started With The CE Shop?

Whether you’re a new agent looking to start award-winning Pre-Licensing education or an experienced veteran wanting to finish your Continuing Education, we’ve got a 100% online curriculum that’s one of the most diverse and groundbreaking in the industry. And if you want to network with your peers, join our Facebook group and get connected!

Comments