'The One,' Once America's Priciest Mansion, Sets Auction Record

BEL-AIR, CA — It was supposed to be the nation's most expensive house and the world's grandest, but the Bel-Air megamansion dubbed "The One" sold at auction Thursday for less than half the asking price of $295 million.

Even that asking price of $295 was a little more than half the $500 million, record-setting sale developer Nile Niami predicted to worldwide fanfare.

In the end, "The One" was a bargain. If the sale is approved by the bankruptcy judge, the unidentified winning bidder gets the 21-bedroom, 42-bathroom estate, its five pools, its walls made of jellyfish aquariums, its nightclub and casino for $126 million, according to Concierge Auctions. Once commissions are factored in, the final price will be roughly $141 million, according to multiple reports.

See Also: Poised To Shatter Records, 'The One' Is Slated For Auction

Niami's creditors will end up taking millions in losses. According to the Los Angeles Times, the sale price falls well short of the $190 million in debt carried by the property.

The 105,000-square-foot estate at 944 Airole Way did set one price record, though not as the nation's most expensive home. Currently, that would be hedge fund tycoon Ken Griffin's $238 million New York penthouse sold in 2019, according to Forbes. The One's final sale price is believed to be the highest-ever auction price paid for a home.

The sale is still subject to approval from a bankruptcy court judge, with a hearing set for later this month.

According to Concierge Auctions, which managed the sale, the home"is the largest and grandest house ever built in the urban world." The property also includes a salon and spa, along with a 10,000-square-foot sky deck, 400-foot private outdoor running track and a movie theater.

The estate, which is still incomplete, sprawls across nearly 4 acres.

The house was originally slated to hit the market in 2017 as the pinnacle of opulence. Eccentric developer Niami dreamed up "The One" as the epitome of his mega-mansion empire, but the project quickly turned into a nightmare, landing Nile Niami in default in March. By October, the property was in bankruptcy. A Los Angeles County Superior Court judge ordered the 105,000-square-foot home into receivership.

According to The Wall Street Journal, court documents described defects such as mold, leaks and cracks in marble found by construction consultants.

"A preliminary inspection conducted sometime between July and December of 2021 by Vertex, a construction consulting firm, found that the property was plagued by water issues, thanks in part to a large number of pools and other water features dotted all over the property, according to a report filed in the Superior Court of the State of California by a court-appointed receiver," the Journal reported.

City News Service contributed to this report.