The megamansion sold for less than a quarter of what developer Niles Niami once suggested would be over $500 million.
A Bel Air mega-mansion marketed as the most expensive home in America was sold at auction Thursday, for less than half the asking price, and less than a quarter of the intended value.
The property, dubbed “The One” by its developer Niales Niami, sold for a record-setting price of $126 million – the highest amount ever spent at a home auction. According to Forbes, upon closure it will be the second-highest total spent on a home, after the $238 million spent on a New York City penthouse by Ken Griffin in 2019.
Beverly Hills, CA – September 08: A view of the four-lane bowling alley at The One Bel Air, a 105,000-square-foot mansion by Nile Niami of Skyline Development and designed by Paul McClean . The One is shown by court-appointed receiver Ted Lanes, who now controls the property and is in charge of finding a buyer and paying off the lenders and other creditors, gives a tour of The One, the 105,000 square foot house on sale in Bel Air.
illion, which is still a considerable drop from the $295 million asking price prior to the auction. The buying price is also well-short of the $190 million in debt that the property’s creditors carried at the time of the auction.