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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1. Interiors beyond the primary palette 

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Step inside the world of award-winning interior design duo Juliette Arent and Sarah-Jane Pyke in this, their first compendium of their work. A ‘best of’ over more than 15 years working together, it’s a masterclass in working with colour and pattern as seen through 18 projects from around the country. With a focus on the idea of home as sanctuary, this hefty tome offers insight into the mind of the designer with points on where to find  inspiration, meeting client briefs and the importance of relationships. Thames & Hudson, $120

2 House of Joy

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3. Abigail Ahern Masterclass

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Some design books are beautiful to look at, and that’s it. This is not one of those books. A master of colour and pattern, UK designer Ahern offers a practical foundational guide to beautiful interiors, mixing form with function in her latest book, Masterclass. Find the inspiration you need to create a gorgeous home. HarperCollins, $65  

4. Interiors Now!

Looking for a visual crash course in international design trends with longevity? This is the book for you. Featuring homes across the globe, from New York to Auckland via Avignon, the biggest dilemma for readers is settling on a style. Many of the projects are owned by designers and creatives, lending a dynamic edge to this tome, now in its 40th year. Taschen, $50

5. Home by the Sea 

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For many Australians, the ocean holds an almost hypnotic appeal. Home by the Sea by Natalie Walton lets you imagine, for a little while at least, what it’s like living the dream in a beach shack in Byron Bay. The book tours 18 homes in and around the region and the hinterland owned by artists, designers and makers. With photography by Amelia Fullarton, it champions the good life. Hardie Grant, $60            

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