Homes | Property
By Andrea Lo
Mar 15, 2022
Cover Photo: Marc Angeles
Photo: Marc Angeles
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Los Angeles’ scandal-plagued mega mansion The One, once set to become one of the most expensive homes in the world, has sold for US$141 milion—a far cry from its asking price. Here are five key facts about this residence, which has a fascinating story
There was plenty of buzz surrounding the sale of The One, the 110,000 sq ft Los Angeles luxury mansion that went up for auction online at the end of February for US$295 million. It sold for less than half its asking price in March, at US$141 million.
Few homes have the same storied past—or as ambitious an asking price—as The One, so take a look below at some of the most jaw-dropping facts on this superlative-filled property.
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The Home’s New Billionaire Owner Has Been Revealed
Above Photo: Joe Bryant
Photo: Joe Bryant
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The One sold for US$141 million, according to Concierge Auctions, which offered the sale of the home online. The buyer is Richard Saghian, the CEO of fast-fashion company Fashion Nova, according to media reports.
The home’s listing agents had “toured more than 42 qualified ultra-high-net-worth individuals since launching the sales efforts,” according to Aaron Kirman of real estate firms Aaron Kirman Group and Compass, who co-represented the listing, in a statement.
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The One Was Once Set to Sell for US$500 Million—But Went into Foreclosure
Above Photo: Marc Angeles
Photo: Marc Angeles
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The One was built by former film producer Nile Niami, who in 2015 said he would ask for US$500 million for the home, according to media reports.
By 2021, The One had been ten years in the making. In the same year, the home went into foreclosure after Niami reportedly failed to repay loans amounting to more than US$100 million, which were said to have gone towards the development. This meant the home eventually went up for sale via auction.
Following the auction this year, “now it’s in the hands of the bankruptcy courts to move the sale forward,” says Kirman in the statement.
It Could Have Been One of the Most Expensive Homes in the World
Above Photo: Joe Bryant
Photo: Joe Bryant
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The One was listed at US$295 million—a number that’s not as ambitious as what Niami had in mind, though had the home gone under the hammer at this price, it would have been among the top five most expensive homes in the world.
Currently, the most expensive homes sold across the globe since 2006 include a 51,100-sq-ft Pollock’s Path house in Hong Kong, which takes the top spot with a sale price of US$361 million in 2017; and a 9,212-sq-ft Gough Hill Road estate, also in Hong Kong, which places fourth and sold for US$277 million in 2016, according to a report by Christie’s International Real Estate.
Sold at US$141 million, The One will not be making it into the top ten. The tenth most expensive property sale in the world, according to the report, is a house in Mount Nicholson in Hong Kong that sold in 2017 for just under US$150 million.
It is the Largest Private Residence in Los Angeles
Above Photo: Marc Angeles
Photo: Marc Angeles
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Taking up 105,000 sq ft of interior space on 3.8 acres of land in Bel-Air, the home boasts 21 bedrooms and a whopping 49 bathrooms. To put that into perspective, it is just over twice the size of the White House. It is also more than 20 times bigger than the 4,544 sq ft Hong Kong home that became Asia’s most expensive apartment sold per square foot in December 2021.
During its 10-year construction, regulations were passed in the city limiting the size of single-family homes, meaning it will likely remain the largest private residence in Los Angeles for the foreseeable future.
It offers panoramic views of downtown Los Angeles, the Pacific Ocean and the San Gabriel Mountains.
It Has Some Incredible, Luxurious Features
Above Photo: Marc Angeles
Photo: Marc Angeles
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There’s plenty of space at The One, and the developer has put it to good use with some stunning features.
Amenities include a nightclub, a beauty salon and spa, a 40-seat cinema, five swimming pools, a tennis court, a four-lane bowling alley and a 400-ft private outdoor running track, to name just a few.
The master bedroom measures 5,000 sq ft and has its very own pool. A two-story library space comes complete with a balcony.
The outdoor areas offer California’s famous indoor-outdoor living lifestyle: an infinity pool covers three sides of the home. It is attached to a covered entertaining space, surrounded by palm trees.
In case you somehow run out of space in the main house, there is a 4,000-sq ft, three-bedroom guest residence.
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