Bidding to Begin on the Most Expensive House for Sale in the U.S.
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Bidding to Begin on the Most Expensive House for Sale in the U.S.

Marking the start of a four-day affair that will see an ultra-exclusive audience bid for the home.

By Liz Lucking
Wed, Mar 2, 2022 12:17pmGrey Clock 2 min

The multimillion-dollar Los Angeles megamansion known as The One, is live at auction at 7 p.m. Eastern time on Monday, marking the start of a four-day affair that will see an ultra-exclusive audience bidding for the $405 million goliath with no reserve.

The hammer will drop on the Bel Air hilltop estate just weeks after it officially hit the market in mid-January with that nine-figure price tag, though the developer of the 9755-sqm spread has previously estimated the value to be as high as $688 million.

The online auction, which runs through Thursday, is being handled by Concierge Auctions, in collaboration with real estate agents Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates.

“The time has come for this legendary property, The One, to sell and make history,” Ms. Williams said in a statement. “And may the best bidder win.”

Developed by film producer-turned-developer Nile Niami nearly 10 years ago, The One sits on close to 4 acres surrounded by a moat on three sides and with panoramic views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains.

Festooned with high-end features, the 21-bedroom palace boasts five pools, a massive nightclub, a full-service beauty salon, a 10,000-square-foot sky deck, a home theatre seating more than 40 people and a 400-foot private outdoor running track with a glass-walled view of the city.

There’s also a cigar lounge, a four-lane bowling alley, putting green, a juice bar, a philanthropy pavilion, a tennis court, a 10,000-bottle wine cellar and a 30-plus car garage with two car display turntables.

In fact, its lengthy list of amenities may only be surpassed by the column inches that have been dedicated to the embattled home.

The home was engulfed in a legal battle between the lenders, including Hankey Capital and Lanes Management, and Niami-related limited liability company, Crestlloyd.

Crestlloyd LLC, which lenders accused of defaulting on loans, filed for bankruptcy in October to keep the property from foreclosing. And a Los Angeles court appointed Ted Lanes of Lanes Management as receiver, who is authorised to prepare the property for the sale, Mansion Global previously reported.

“The One is created for today’s billionaire seeking a truly unrepeatable asset, and when it sells, it will be the most significant purchase in the world,” Mr. Kirman said in a statement. “While in 2021, digital properties like NFTs grabbed headlines for monumental one-of-kind-sales, 2022 brings us back to the physical world with The One—a real estate property unmatched in size, scale, safety and triumphant design.”

If it sells for close to its listing price, it would set a record, not only for Los Angeles but for the U.S., surpassing the approx. $327 million billionaire hedge fund manager Ken Griffin paid for a New York City condo in early 2019.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: March 1, 2022.



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We reveal the No. 1 areas for price growth in each capital city

By Bronwyn Allen
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Home values across Australia rose by a median 8 percent in FY24, delivering the equivalent of $59,000 in new capital growth to the two-thirds of the population that owns a home, according to CoreLogic data. Investors received total returns of 12.2 percent over the year, including capital gains and gross rental income.

Very tight supply and demand in most capital cities except Melbourne and Hobart was a significant driver of the capital growth, with the smaller and more affordable capital cities of Perth, Brisbane and Adelaide experiencing the most price appreciation over the year. A lack of properties for sale trumped the usual dampening effect of higher interest rates.

As usual, some areas outperformed their city’s median growth benchmark. Here are the top SA3 areas for capital growth in each capital city of Australia in FY24. SA3 areas are large suburbs, or districts incorporating clusters of suburbs, with more than 20,000 residents.

 

Sydney

Home values across Sydney rose by a median 6.3 percent in FY24. The No. 1 area for growth was Mount Druitt. Its median value rose by 13.96 percent to $859,939. Mount Druitt is located 33km west of the CBD. It incorporates the suburbs of Mount Druitt, Ropes Crossing, Whalan and Minchinbury. The Mount Druitt community is very multicultural with almost one in two residents born overseas. It is home to many young families, with the median age of residents being 33 compared to the NSW median of 39.

 

Melbourne

Home values across Melbourne rose by a median 1.3 percent in FY24. The top area for capital growth was Moreland-North with 4.71 percent growth. This took the district’s median home value to $746,488. Moreland-North includes the suburbs of Hadfield, Pascoe Vale and Glenroy. It’s a multicultural community with a particularly large contingent of residents with Italian ancestry. One or both parents of 66 percent of residents were born overseas, according to the 2021 Census.

 

Brisbane

Home values across Brisbane rose by a median 15.8 percent in FY24. The No. 1 area for growth was Springwood-Kingston in Logan City. Its median value swelled by 25.55 percent to $710,569. Springwood-Kingston is approximately 22km south of Brisbane CBD. It incorporates the suburbs of Springwood, Kingston, Rochedale South and Slacks Creek. It is a multicultural community with one or both parents of 55 percent of the residents born overseas, according to the 2021 Census. More than 15 percent of residents have Irish or Scottish ancestry.

 

Adelaide

Home values across Adelaide rose by a median 15.4 percent in FY24. The best area for capital growth was Playford in Playford City. Its median value soared by 19.94 percent to $530,991. Playford is approximately 40km north of Adelaide. It incorporates the suburbs of Elizabeth Downs, Elizabeth Grove, Angle Vale and Virginia. It is home to many young people under the age of 40. The median age of residents is 33 compared to the state median of 41.

 

Perth 

Home values across Perth rose by a median 23.6 percent in FY24. The No. 1 area for growth was Kwinana in Kwinana City. Its median value skyrocketed by 33.19 percent to $618,925. Kwinana is approximately 37km south of Perth CBD. It includes the suburbs of Leda, Medina, Casuarina and Mandogalup. Henderson Naval Base is located here and there is a significant community of servicemen and ex-servicemen living in the area. It is home to many young families, with the median age of residents being 33 compared to the state median of 38.

 

Canberra

Home values across the nation’s capital rose by a median 2.2 percent in FY24. The best area for capital growth was Weston Creek. Its median value rose by 5.24 percent to $937,740. Weston Creek is approximately 13km south-west of the CBD. It includes the suburbs of Weston Creek, Holder, Duffy, Fisher and Chapman. Approximately 43 percent of residents have a bachelor’s degree, which is on par with the ACT median but much higher than the national median of 26 percent. Household incomes are about 35 percent higher than the national median. Almost one in five residents work in government administration jobs.

 

Hobart

Home values across Hobart fell 0.1 percent in FY24. The top performing area for capital gains was Sorell-Dodges Ferry with 2.78 percent growth. This took the area’s median home value to $615,973. Sorell-Dodges Ferry is approximately 25km north-west of Hobart. It incorporates the suburbs of Richmond, Sorell, Dodges Ferry, Carlton and Primrose Sands. The area has a large community of baby boomers and retirees, with the median age of residents being 43 compared to the Australian median of 38.

 

Darwin

Home values across Darwin rose by a median 2.4 percent in FY24. The No. 1 area for growth was Litchfield. Its median value moved 3.21 higher to $672,003. Litchfield is about 37km south-east of Darwin and includes the suburbs of Humpty Doo, Acacia Hills and Southport.  It has a high proportion of middle-aged residents, with the median age being 39 compared to the territory median of 33. About 12 percent of residents are Indigenous Australians. The biggest industries are government administration and defence. Median household incomes are about 35 percent higher than the national median.

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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