America’s priciest palace – a 105,000-square-foot Bel-Air megamansion with 5 swimming swimming pools, a 30-car storage, a bowling alley and a ‘philanthropy wing’ for charity galas – has been put available on the market for a whopping $295 million.
Nonetheless, the notorious White Elephant property – which took eight years to construct and was as soon as priced at $340 million – has been a titanic cash pit since occurring sale and falling into foreclosures final yr, and will probably be put up for public sale in February if it does not promote rapidly.
If bought for the asking worth, the opulent property, garishly branded ‘The One,’ would boast the most important price ticket in U.S. historical past, surpassing the cool $238 million hedge-fund billionaire Ken Griffin dropped on a Manhattan penthouse in 2019.

America’s priciest palace – a 105,000-square-foot Bel-Air megamansion with 5 swimming swimming pools, a 30-car storage, a bowling alley and a ‘philanthropy wing’ for charity galas – has been put available on the market for a whopping $295 million

The 21-bedroom, 42-bath property was put available on the market once more Friday after falling into foreclosures final yr, after its developer declared chapter

The notorious White Elephant property – which took eight years to construct and was as soon as priced at $340 million – has been a titanic cash pit since occurring sale and falling into foreclosures final yr, and will probably be put up for public sale in February if it does not promote rapidly
But when sellers fail to hock the mega-house by subsequent month, it should possible find yourself going to the best bidder, sellers say – which may go away the person behind the mammoth manse within the pink.
‘It’s a contemporary masterpiece,’ stated Branden Williams, of The Beverly Hills Estates, who’s shilling the property together with Aaron Kirman of the Aaron Kirman Group at Compass.
‘It’s 4 acres on the prime of a mountain in Bel-Air, and it could possibly by no means be constructed once more,’ the vendor asserted because the property was listed for the second time on Friday.

If bought for the asking worth, the opulent property, garishly branded ‘The One,’ would boast the most important price ticket in US historical past

A view of the four-lane bowling alley at The One. The megamansion was positioned into receivership late final yr

The opulent property boasts 5 swimming swimming pools, located each inside and outdoors the shopping-mall-sized advanced
With that stated, Hollywood producer-turned-developer Nile Niami, 53, who set out on constructing the home in 2013 with the assistance of 600 contracted staff, most likely needs it by no means was.
Throughout its building, the house was billed by Niami because the ‘largest and most costly trendy house in America.’
What’s extra, the ex-Hollywood exec reportedly was satisfied he may safe an asking worth of $500 million for the spectacular property – a prediction that would depart the the producer of movies like The Patriot and Level Clean hopelessly upset.

If sellers fail to hock the mega-house by subsequent month, it should find yourself going to the best bidder, sellers say

The house additionally homes its personal built-in movie show, which boasts plush leather-based seats and an enormous HD projector

A view of the eating room with 10,000 bottle wine cellar at ‘The One’- a 105,000 square-foot mega mansion in Bel Air
Niami employed famend architect Paul McLean and inside designer Kathryn Rotondi to carry his imaginative and prescient to life on 5 acres within the hills overlooking Los Angeles, however value overruns left him in large debt to the tune of $180 million.
Niami, referred to as ‘The King of LA mega-mansions,’ filed for Chapter 11 chapter safety for his Crestlloyd firm in October, after he defaulted on a $106 million debt owed to Hankey Capital.
The palatial property was subsequently positioned into receivership – a type of foreclosures – final yr after being listed for $340 million in January of that yr. At that time, the house was pulled from public sale, after ten months available on the market.

‘It’s a contemporary masterpiece,’ stated Branden Williams, of The Beverly Hills Estates, who’s shilling the property together with Aaron Kirman of the Aaron Kirman Group at Compass

A view of the ladies’s walk-in closet within the 4,000-square master suite with personal pool at The One.

One of many a number of outside swimming pools set within the large megamansion. A 4,000-square-foot bed room overlooks the luxurious swimming space
Following the foreclosures, the sale of the house was subsequently blocked till November 29. It lastly made its return to the market on Friday – with its worth slashed by $45 million.
Now, insiders aware of the court docket proceedings say it must promote for a minimum of $200 million simply to cowl the prices.
If the newly listed property fails to gather that worth, lenders will both be compelled to promote beneath the asking worth and take a loss or direct the property into additional foreclosures proceedings.

The one as seen from the sting of its sprawling outside space. A pool serves as a de facto moat for this up to date fort

The vantage from this pool space permits potential inhabitants an unprecedented view of the town of Los Angeles
It’s at present being proven by court-appointed receiver Ted Lanes, who now controls the property and is in control of discovering a purchaser and paying off the lenders and different collectors.
With that stated, lenders and brokers say that the property’s second itemizing Friday comes at a perfect time, with luxurious actual property in Los Angeles at present a scorching commodity.
Gross sales of properties priced at $10 million or extra doubled in 2021 in comparison with 2019, previous to the pandemic, with a complete of 312 gross sales, based on actual property appraiser Miller Samuel.

A view of an leisure room subsequent to the four-lane bowling alley at The One, which boasts a powerful wanting bar

One of many mansion’s a number of kitchen areas is as aesthetically pleasing as the remainder of home, and permits would-be tenants an unequaled view of the encircling Southern California panorama

The mansion even possesses its personal magnificence salon, which boasts shiny pink partitions and opaque shampoo stations
And the house itself, boasting 21 bodacious bedrooms and 42 bogs, is nothing to sneeze at, even by luxurious LA requirements.
Designed by architect Paul McLean and adorned by inside designer Kathryn Rotondi, The construction is surrounded by a moat on three sides and ‘seems to drift above the town,’ Architectural Digest wrote final yr in a profile of the up to date fort.
The mansion even possesses its personal magnificence salon, which boasts shiny pink partitions and opaque shampoo stations.

Because it’s foreclosures final yr, the sprawling property is at present being proven by a court-appointed receiver who now controls the property and is in control of discovering a purchaser and paying off the lenders and different collectors

The house boasts a contemporary really feel, in addition to a vantage level excessive up within the hills of Los Angeles’ esteemed Bel-Air neighborhood

A view of the library at The One, designed by Paul McClean of McClean Design. It additionally carries a contemporary aesthetic
Regardless of the opulence, McLean and Rotondi, who have been enlisted by Niami to assemble the construction, stated that needed to create a home that was mild, shiny, and low fuss.
‘We needed to supply that quintessential L.A. residing however on a much bigger scale. To permit the house to really feel livable,’ McLean acknowledged final yr.
Inside photos present the house options ground to ceiling home windows letting within the California sunshine.

The property’s visitor home, which sits adjoining to the primary, 105,000-square-foot property

The principle entrance to the spectacular house, as seen from exterior its looming partitions
The house has been accomplished with easy, useful furnishings and attention-grabbing up to date paintings.
With that stated, the property’s defining function is its 360 diploma views, which stretch all the way in which out to the Pacific Ocean within the west and the San Gabriel Mountains within the east.
The whole thing of Downtown Los Angeles can be seen from the mansion’s 10,000-square-foot sky deck.
‘This undertaking felt thrilling and concurrently intimidating,’ McClean advised Architectural Digest.
‘It was approached with pleasure and was thrilling to create, however I do not suppose any of us realized simply how a lot time and effort it might take to finish the undertaking.’
Solely time will inform if their efforts will repay, nonetheless, because the clock continues to tick on the already foreclosed property’s immediate sale, with February quickly approaching.
Niami first bought the land the place ‘The One’ now stands in 2012 for $28 million from Rita Kogan, the late online game heiress and daughter of Area Invaders creator Michael Kogan.
The previous producer reportedly took out hundreds of thousands of {dollars} in loans to fund the lavish undertaking.
Now, greater than 100 million of {dollars} and a decade later, the house continues to be unfinished, and a purchaser would wish to cough up hundreds of thousands – and certain spend months mired in building – simply to make property livable.
If such a purchaser doesn’t floor within the subsequent month, bidding is already slated to happen starting on February 7, by way of actual property firm Concierge Auctions’ on-line market.