(CNN) — A 9,754-square-meter mansion in Bel Air, dubbed “The One,” could become America’s most expensive property when it goes up for auction next month.
The 15,378-square-meter property, located on a hillside, will be auctioned on January 7 for a price of US $ 295 million. The sale will take place online from February 7 to 10 through Concierge Auctions. From its elevated position, the home enjoys 360-degree views of the ocean and mountains, as well as downtown Los Angeles.
Few properties in the world have sold above that list price, such as the Chateau Louis XIV in France, the Belle Epoque penthouse in Monaco and the Pollock’s Path estate in Hong Kong, according to Christie’s Real Estate.
The One, which has taken about a decade to complete, is marketed as the first and only residence of its size in Los Angeles, thanks to new regulations passed in the city during its development, which now limit the size of single-family homes , to reduce the number of so-called mega-mansions that are developed.
Los Angeles’ Westside is no stranger to steep prices, with another Bel Air property listed for $ 250 million in 2017, as well as the sprawling Beverly Hills home “Villa Firenze” auctioned for $ 160 million last year. (It was sold for an undisclosed amount.)
But, the so-called “gigamansion”, The One is the most colorful of all. Real estate agent Aaron Kirman, whose namesake group is jointly selling the property with Williams & Williams, called it “the Mona Lisa of the residential world” in a phone call.
The One has never been on the market, but if it is sold, its owners will have services that include a nightclub, a beauty salon, a spa, a 900 square meter terrace, a private running track, a movie theater , a bowling alley and a wine cellar for 10,000 bottles. There’s even a moat – an infinity pool that stretches around three sides of the residence. The 510-square-meter master bedroom is twice the size of the average home in the United States.
Conceived by architect Paul McClean, who has designed the homes of Beyoncé and Jay Z, Avicii and Calvin Klein, the modernist aesthetic is both streamlined and extravagant. Neutral colors and clean lines serve as the foundation for luxurious details, such as a number of original artworks, including a butterfly installation by conceptual artist Stephen Wilson and a sculpture by Venetian glazier Simone Cenedese, included in the sale. .
The property’s developer, Nile Niami, aimed to “build one of the best properties in the world,” Kirman said. But marketing the property has not been without its problems.
CNN reported last September that the property’s value was once estimated at $ 500 million, and that the owner defaulted on more than $ 100 million in loans and debts, according to court documents. Over the summer, the court ruled that the house be put into bankruptcy over complicated real estate settlements, an alternative to foreclosure, to pay off its debts.
According to Rayni Williams of Williams & Williams, the $ 500 million estimate was speculation, and $ 295 million better reflects today’s market. It is a more “marketable” and “tangible” figure, he said by phone.
As for why it is going to be auctioned outright, Kirman explained: “Any house over $ 100 million can take between one and five years to sell.” An auction “was the best way to have a condensed calendar,” he added.
With fewer than 2,800 billionaires in the world, the future owner of “The One” will come from a small group of potential buyers, unless perhaps a group of billionaire friends decide to share the cost.
“It’s a limited market that can afford it,” Kirman said. “But we absolutely know who our target is.”