Bel Air ‘The One’ megamansion – once aiming for half a billion dollar listing price – goes up for auction | News


Image: Michael Leonard/The Society Group

The mega-mansion known as “The One” sold for $126 million in a bankruptcy auction on Thursday. That’s a huge discount from its $295 million listing price, even with a 12% auction fee, bringing the total to around $141 million.

Concierge Auctions, which handled the sale, said its auction site had attracted the attention of 170 countries, including Australia, the UK, Germany, France and Italy, and generated some 2,800 prospects. — Los Angeles Times

Developer Nile Niami said during its construction that he hoped to one day see the 105,000-square-foot megamansion sell for around $500 million. The one eventually defaulted and was last seen in October when it was placed in receivership by the county.

Previously on Archinect: $500m Bel Air megamansion defaults on $165m debt, goes into receivership

the Los Angeles Time reported that only five bidders from the United States and New Zealand participated in the auction and that the name of the buyer, which could very easily be a limited liability company, will be revealed on Tuesday via a mandatory registration in front of the US Bankruptcy Court Judge Deborah Salzman. At least one realtor in the area speculated that the shortage of interested buyers was an indirect result of the Russian invasion of Ukraine.

“The pool of buyers for this is very small,” Compass’ Brent Change told the newspaper, “and with everything going on in Russia, suddenly these Russian billionaires who might have been your best bet for the buy withdraw.”

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