America's Most Expensive Home Up For Auction After Fails To Sell For $295 Million
For anyone regretful about not putting an offer in on one of America’s most expensive homes, they’re going to have another chance. ‘The One’ – the mega mansion that was once valued at over $500 million – has gone on the auction block after it failed to sell for $295 million following a bankruptcy.
According to The Daily Mail, the estate went up for auction on Monday and will be open for bids until Thursday. The listing has been set at $295 million, which was the asking price of the home when it went on the market earlier this year. However, it has no reserve, meaning the auction is absolute and the home will be sold regardless of the final price.
In January, we reported that the home had been listed for $295 million. Though this may seem like a large sum, the mansion was originally expected to bring in $500 million. But the asking price was slashed after the developer, Nile Niami, and his company Crestloyd filed for bankruptcy before the estate was completed.
Niami reached an agreement with the U.S. Bankruptcy Court to sell the property to pay back the $180 million still owed to creditors. But if the property didn’t go fast (which it didn’t), it would then be put up for auction.
Niami originally bought the 8-acre plot of land in 2012 for $28 million with the hopes of building one of the most impressive homes in America to sell for a profit.
The mansion that was eventually constructed features more than 105,000 square feet of living space, while the master bedroom is over 5,500 square feet. The Bel-Air property comes with 49 bathrooms, 20 bedrooms, 5 elevators, and 5 pools. Its other features include a salon, night club, jogging track, wellness center, and wine cellar.
Niami initially tried to stop the sale. He released a video via social media asking people to buy into his cryptocurrency – aptly called ‘The One Coin’ – which would help pay off debt while giving investors a stake in the property, which he said he would subsequently rent out for special events. However, despite his efforts, the auction is moving forward.
Many outlets are referring to The One as the most expensive home for sale in the United States. And if it fetches more than $238 million at the auction, it will be the most expensive home sold in the country. Currently, the record belongs to hedge fund billionaire Ken Griffith’s Manhattan penthouse, which he bought for $238 million in 2019.
Sources: Daily Mail, Fox Business,
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