The most expensive home in the nation - which boasts five swimming pools, a 30-car garage, a bowling alley and more - went up for auction on Monday after failing to sell on the market for $295 million.
Dubbed 'The One,' the 105,000-square-foot Bel Air estate could fetch the highest price tag in US history if it surpasses the $238 million that hedge-fund billionaire Ken Griffith spent on a Manhattan penthouse in 2019.
Bidding on the opulant property started at 4pm on Monday through Concierge Auctions, and will run until Thursday. It has been listed at $295M - its previous asking price - and has no reserve.
The infamous White Elephant estate - which took eight years to build and was once priced at $500 million - has been a money pit since hitting the market last year and falling into foreclosure.
Although the opulent estate is undeniably impressive, some have raised concerns about undisclosed construction flaws and zoning code violations, the Los Angeles Times reported. Other possible red flags include a missing occupancy permit, although a realtor representing the property dismissed critics as 'unhappy people.'
'You know, really this is not for me, or you,' co-listing agent Rayni Williams of the agency Williams& Williams told the Times. 'This is for the one per cent of the world, and we’re not the one per cent of the world.'
A 105,000-square-foot megamansion known as The One is going up for auction Monday after failing to net the $295 million asking price on the open market
While most people would be happy with one pool, the Bel Air estate boasts five swimming pools
A listing agent stated the obvious when commenting that the house wasn't likely to be snapped up by a commoner.'You know, really this is not for me, or you,' Rayni Williams said. 'This is for the one per cent of the world, and we’re not the one per cent of the world'
Other features of the home include a movie theatre, 'philanthropy wing' for charity galas, a nightclub, an outdoor running track, and a 4,000 square foot guest house.
The home's 4,000-foot master bathroom includes a sprawling walk-in closet and private pool.
Despite the home's size, it shouldn't be difficult to track down a bathroom. After all, there are 49 of them.
Branden Williams, who is also representing the estate along with the Aaron Kirman Group at Compass, called the property 'a modern masterpiece.'
'It’s four acres at the top of a mountain in Bel-Air, and it can never be built again,' the seller asserted.
With that said, Hollywood producer-turned-developer Nile Niami, 53, who set out on building the house in 2013 with the help of 600 contracted workers, probably wishes it never was.
During its construction, the home was billed by Niami as the 'biggest and most expensive modern home in America.'
What's more, the ex-Hollywood exec reportedly was convinced he could secure an asking price of $500 million for the impressive estate - a prediction that would leave the the producer of films like The Patriot and Point Blank hopelessly disappointed.
Other features of the home include a movie theatre, 'philanthropy wing' for charity galas, a nightclub, an outdoor running track, and a 4,000 square foot guest house
An indoor lap pool is pictured inside the estate, where floor-to-ceiling windows let in plenty of natural light
An indoor bowling alley is yet another feature of the home, complete with digital score boards and lounge areas
Branden Williams, who is also representing the property, called the home 'a modern masterpiece.' He said: 'It’s four acres at the top of a mountain in Bel-Air, and it can never be built again'
A colorful glass sculpture stands erected outside the home, which took eight years to build
The sprawling home took eight years to build and once once marketed for $340 million
Niami hired renowned architect Paul McLean and interior designer Kathryn Rotondi to bring his vision to life on five acres in the hills overlooking Los Angeles, but cost overruns left him in massive debt to the tune of $180 million.
Niami, known as 'The King of LA mega-mansions,' filed for Chapter 11 bankruptcy protection for his Crestlloyd company in October, after he defaulted on a $106 million debt owed to Hankey Capital.
The palatial estate was subsequently placed into receivership - a form of foreclosure - last year after being listed for $340 million in January of that year. At that point, the home was pulled from auction, after ten months on the market.
Following the foreclosure, the sale of the home was subsequently blocked until November 29. It finally made its return to the market on Friday - with its price slashed by $45 million.
Now, insiders familiar with the court proceedings say it will have to sell for at least $200 million just to cover the costs.
If the newly listed property fails to collect that price, lenders will either be forced to sell below the asking price and take a loss or direct the property into further foreclosure proceedings.
It is currently being shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors.
With that said, lenders and brokers say that the property's second listing Friday comes at an ideal time, with luxury real estate in Los Angeles currently a hot commodity.
Sales of properties priced at $10 million or more doubled in 2021 compared to 2019, prior to the pandemic, with a total of 312 sales, according to real estate appraiser Miller Samuel.
Working from home won't be a problem at The One, where office space is plentiful
Circular seating within a moat offers panoramic views of the mountains and forests
The home was built byHollywood producer-turned-developer Nile Niami, 53 in 2013 with the help of 600 contracted workers
The ex-Hollywood exec reportedly was convinced he could secure an asking price of $500 million for the impressive estate
And the home itself, boasting 21 bodacious bedrooms and 42 bathrooms, is nothing to sneeze at, even by luxurious LA standards.
Designed by architect Paul McLean and decorated by interior designer Kathryn Rotondi, The structure is surrounded by a moat on three sides and 'appears to float above the city,' Architectural Digest wrote last year in a profile of the contemporary castle.
The mansion even possesses its own beauty salon, which boasts bright red walls and opaque shampoo stations.
Despite the opulence, McLean and Rotondi, who were enlisted by Niami to construct the structure, said that wanted to create a house that was light, bright, and low fuss.
'We wanted to provide that quintessential L.A. living but on a bigger scale. To allow the home to feel livable,' McLean stated last year.
Interior pictures show the home features floor to ceiling windows letting in the California sunshine.
The mansion even possesses its own beauty salon, which boasts bright red walls and opaque shampoo stations
Insiders familiar with the court proceedings say it will have to sell for at least $200 million just to cover the costs
The home includes 21 bodacious bedroom, 42 bathrooms, and a range of open-concept living spaces
During its construction, the home was billed by Niami as the 'biggest and most expensive modern home in America'
There's no shortage of breathtaking views from a number of vantage points
Pictured: A woman's walk-in closet in the 4,000 square-foot master bathroom, which also includes a private pool
The Los Angeles skyline is visible from the well-manicured grounds of the estate
Niami first purchased the land where 'The One' now stands in 2012 for $28 million from Rita Kogan, the late video game heiress and daughter of Space Invaders creator Michael Kogan.
The former producer reportedly took out millions of dollars in loans to fund the lavish project.
Now, more than a hundred million of dollars and a decade later, the home is still unfinished, and a buyer would need to cough up millions - and likely spend months mired in construction - just to make property livable.
Bidding was set to open Monday at 4 pm PST and is scheduled to close March 3.