One Of America's Most Expensive Homes Is Selling For $295 Million After Bankruptcy
For anyone looking to own one of the nicest (and most expensive) properties in America, this Bel-Air mega mansion may be the one for you.
The property was recently put on the market for $295 million. While this may seem like an outlandish price, it’s actually considered a steal compared to what the property was originally worth. When it was first expected to be listed in 2018, the asking price was expected to be a whopping $500 million.
There’s an unfortunate reason behind why the asking price has since been slashed in half – the mansion’s developer, Nile Niami, along with his company Crestlloyd have filed for bankruptcy before they could finish the property, LA Times reports.
In December, they reached an agreement with the U.S. Bankruptcy Court to auction off the property to help pay back the $180 million still owed to creditors for the development of the mansion.
Niami originally purchased the 8-acrre plot of land for $28 million 2012 with the intention to develop a mega-mansion in order to turn a profit after selling it.
To say the mansion is luxurious would be an understatement. It sits on an estate that spans over 105,000 square feet. The mansion, which was designed by Paul McLean and is aptly known as 'The One', comes with 20 bedrooms, including a master suite that is 5,5000 square feet on its own.
Its other features include 49 bathrooms, 5 elevators, 5 pools, a nightclub, jogging track, beauty salon, wellness center, and wine cellar. It also comes with a garage big enough to display 30 cars. Sitting up on a Bel-Air hilltop, the home boasts an incredible view of the city and is surrounded on all sides by a moat.
Unfortunately, the property was never completely finished. Though it was expected to be listed in 2018 for half a billion dollars after being in development for 10 years, the real estate listing never came. Now, it’s expected to be auctioned off in February to the highest builder.
However, PEOPLE Magazine notes that the mansion’s developer is still attempting to stop the sale. Niami recently released a promotional video in which he explains he’s launching a cryptocurrency called 'The One Coin', inspired by the mega-mansion’s infamous name.
Niami explained profits from the cryptocurrency would go directly to paying off the debt from the property’s development. He plans to subsequently rent out the mansion for special events, such as wedding, and anyone who invests in The One Coin would be entitled to part of the profits made from renting it out.
Reports says that it will take at least $10 million and a year’s worth of work to complete the mansion. Despite being technically unfinished, it’s said to be one of the most expensive homes to ever be up for sale in the United States.
Sources: PEOPLE Magazine, LA Times,
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